FedEx Corporation $FDX Shares Acquired by ACR Alpine Capital Research LLC

Key Points

• ACR Alpine Capital Research LLC increased its FedEx stake by 0.8% in the fourth quarter, buying 13,967 additional shares and bringing its total to 1.74 million shares. FedEx is now the fund’s second-largest holding, representing about 7.8% of its portfolio.
• FedEx has been buoyed by optimism around the planned spin-off of FedEx Freight, which the board approved with a June 1 trading debut targeted for the new entity. Investors and analysts view the separation as a possible catalyst to unlock shareholder value and simplify the business.
• The company also continues to receive bullish analyst support, including a reiterated Buy rating from Wells Fargo and multiple raised price targets from major brokerages. FedEx recently beat quarterly earnings and revenue expectations, reinforcing the positive sentiment around its turnaround efforts.

ACR Alpine Capital Research LLC boosted its holdings in FedEx Corporation (NYSE:FDX - Free Report) by 0.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,740,634 shares of the shipping service provider's stock after purchasing an additional 13,967 shares during the quarter. FedEx accounts for about 7.8% of ACR Alpine Capital Research LLC's portfolio, making the stock its 2nd largest holding. ACR Alpine Capital Research LLC owned approximately 0.74% of FedEx worth $502,800,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FDX. Vanguard Group Inc. raised its position in shares of FedEx by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider's stock valued at $5,527,870,000 after buying an additional 2,741,723 shares in the last quarter. Dodge & Cox raised its position in shares of FedEx by 12.0% in the 3rd quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider's stock valued at $3,826,055,000 after buying an additional 1,742,666 shares in the last quarter. Franklin Resources Inc. raised its position in shares of FedEx by 5.9% in the 3rd quarter. Franklin Resources Inc. now owns 4,814,938 shares of the shipping service provider's stock valued at $1,135,411,000 after buying an additional 269,567 shares in the last quarter. Invesco Ltd. raised its position in shares of FedEx by 3.1% in the 3rd quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider's stock valued at $853,372,000 after buying an additional 108,426 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of FedEx by 169.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider's stock valued at $638,203,000 after buying an additional 1,718,278 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company's stock.

Key Headlines Impacting FedEx

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: FedEx advanced its planned spin-off of FedEx Freight, with the board approving the separation and setting a June 1 debut for the new trading entity; the move is seen as a catalyst that could unlock shareholder value and simplify the business. FedEx Board of Directors Approves Spin-off of FedEx Freight
• Positive Sentiment: Wells Fargo reiterated a Buy rating on FedEx, adding to the bullish tone around the stock as investors weigh the benefits of the freight separation and the company’s turnaround progress. FedEx (FDX) Receives a Buy from Wells Fargo
• Positive Sentiment: Jim Cramer called FedEx “one of the greatest turnaround stories out there,” reinforcing sentiment that the company could benefit from improving market conditions and a more focused operating structure. Jim Cramer on FedEx: “One of the Greatest Turnaround Stories Out There”
• Neutral Sentiment: FedEx also moved ahead with the freight separation paperwork, including the one-for-two share ratio and the planned FDXF trading debut, but these headlines largely confirm details investors already knew rather than adding a new surprise. FedEx sets one-for-two share ratio for freight unit spinoff
• Neutral Sentiment: FedEx shares had recently dipped when the broader market rose, but that weakness appears to be overshadowed by optimism around the spin-off and analyst support. FedEx (FDX) Stock Slides as Market Rises: Facts to Know Before You Trade
• Negative Sentiment: No major new operational downside emerged in the latest batch of headlines, though competition concerns such as Amazon’s logistics push remain a background risk for FedEx’s parcel business. FedEx Boss Dismisses Threat From New Amazon Logistics Service

FedEx Price Performance

FDX stock opened at $379.50 on Friday. The company has a 50 day simple moving average of $369.21 and a 200 day simple moving average of $327.83. The stock has a market cap of $90.55 billion, a price-to-earnings ratio of 20.20, a P/E/G ratio of 1.40 and a beta of 1.29. FedEx Corporation has a 1 year low of $214.35 and a 1 year high of $404.03. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.12 by $1.13. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The business had revenue of $24 billion during the quarter, compared to analysts' expectations of $23.44 billion. During the same period in the prior year, the company earned $4.51 EPS. The firm's quarterly revenue was up 8.3% compared to the same quarter last year. Research analysts anticipate that FedEx Corporation will post 19.72 EPS for the current fiscal year.

Insider Buying and Selling at FedEx

In other FedEx news, EVP Kawal Preet sold 4,900 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the sale, the executive vice president directly owned 10,953 shares of the company's stock, valued at $4,029,499.17. The trade was a 30.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan C. Schwab sold 5,795 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the sale, the director directly owned 10,038 shares in the company, valued at $3,704,022. The trade was a 36.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 48,104 shares of company stock valued at $17,599,006. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FDX. Bank of America boosted their target price on shares of FedEx from $431.00 to $440.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Truist Financial boosted their target price on shares of FedEx from $400.00 to $425.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Barclays restated a "buy" rating on shares of FedEx in a research report on Monday. The Goldman Sachs Group boosted their target price on shares of FedEx from $364.00 to $369.00 and gave the company a "buy" rating in a research report on Friday, March 13th. Finally, Jefferies Financial Group upped their price objective on shares of FedEx from $425.00 to $450.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Eighteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $398.04.

FedEx Profile

FedEx Corporation NYSE: FDX is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx's core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.