Freestone Grove Partners LP Invests $22.26 Million in FedEx Corporation $FDX

Key Points

• Freestone Grove Partners purchased 71,083 FedEx shares in the second quarter, valued at approximately $22.26 million. Institutional investors and hedge funds collectively own 84.47% of FedEx’s outstanding stock.
• FedEx reported quarterly revenue of $23.26 billion and earnings of $5.88 per share, while analysts expect full-year EPS of $17.60. The company’s shares opened at $331.45, down 1.4%.
• FedEx declared a quarterly dividend of $1.22 per share, or $4.88 annualized, representing a 1.5% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $350.54.

Freestone Grove Partners LP purchased a new stake in FedEx Corporation (NYSE:FDX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 71,083 shares of the shipping service provider's stock, valued at approximately $22,258,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Hollencrest Capital Management acquired a new stake in FedEx in the first quarter valued at $25,000. Bayban acquired a new position in shares of FedEx during the 1st quarter worth $26,000. Solstein Capital LLC acquired a new position in shares of FedEx during the 2nd quarter worth $27,000. EFG International AG purchased a new position in shares of FedEx in the 4th quarter valued at about $27,000. Finally, Wealth Watch Advisors INC acquired a new stake in shares of FedEx in the third quarter valued at about $28,000. Institutional investors and hedge funds own 84.47% of the company's stock.

FedEx Stock Down 1.4%

Shares of NYSE FDX opened at $331.45 on Friday. The firm's 50-day moving average is $319.23 and its two-hundred day moving average is $350.85. The company has a market capitalization of $78.44 billion, a PE ratio of 17.91, a price-to-earnings-growth ratio of 1.73 and a beta of 1.30. FedEx Corporation has a 12-month low of $177.05 and a 12-month high of $345.36. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The firm had revenue of $23.26 billion during the quarter. Equities analysts anticipate that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be paid a dividend of $1.22 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.5%. FedEx's dividend payout ratio (DPR) is presently 26.36%.

Wall Street Analyst Weigh In

FDX has been the topic of a number of research analyst reports. Stephens raised shares of FedEx to a "strong-buy" rating in a report on Wednesday, July 8th. Seaport Research Partners initiated coverage on shares of FedEx in a research report on Wednesday, May 27th. They set a "buy" rating for the company. BMO Capital Markets reissued a "market perform" rating on shares of FedEx in a research note on Wednesday, June 24th. Wall Street Zen upgraded FedEx to a "hold" rating in a report on Saturday, August 8th. Finally, The Goldman Sachs Group dropped their price objective on FedEx from $405.00 to $375.00 and set a "buy" rating for the company in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $350.54.

Insider Buying and Selling

In related news, Director Paul S. Walsh sold 5,042 shares of the business's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the transaction, the director owned 16,359 shares of the company's stock, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.65% of the company's stock.

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.

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