HITE Hedge Asset Management LLC Invests $9.83 Million in FedEx Corporation $FDX

Key Points

• HITE Hedge Asset Management opened a new position in FedEx, buying 34,025 shares worth about $9.83 million in the fourth quarter.
• FedEx reported stronger-than-expected quarterly results, with $5.25 EPS versus $4.12 expected and revenue of $24 billion, up 8.3% year over year.
• The company declared a quarterly dividend of $1.22 per share and continues to draw mixed analyst views, with consensus still at a Moderate Buy and an average target price of $371.45.

HITE Hedge Asset Management LLC acquired a new position in shares of FedEx Corporation (NYSE:FDX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 34,025 shares of the shipping service provider's stock, valued at approximately $9,828,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FDX. Wealth Watch Advisors INC purchased a new position in shares of FedEx during the third quarter worth about $28,000. Ameriflex Group Inc. grew its holdings in shares of FedEx by 103.3% during the third quarter. Ameriflex Group Inc. now owns 124 shares of the shipping service provider's stock worth $29,000 after purchasing an additional 63 shares in the last quarter. Ulland Investment Advisors LLC purchased a new position in shares of FedEx during the fourth quarter worth about $29,000. Tucker Asset Management LLC purchased a new position in shares of FedEx during the fourth quarter worth about $29,000. Finally, ORG Partners LLC grew its holdings in shares of FedEx by 50.0% during the fourth quarter. ORG Partners LLC now owns 105 shares of the shipping service provider's stock worth $30,000 after purchasing an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Stock Performance

NYSE:FDX opened at $337.65 on Friday. The firm has a market cap of $80.57 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 1.54 and a beta of 1.28. FedEx Corporation has a fifty-two week low of $172.88 and a fifty-two week high of $342.81. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.44 and a current ratio of 1.47. The business has a 50 day moving average price of $371.84 and a 200-day moving average price of $342.64.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, topping analysts' consensus estimates of $4.12 by $1.13. FedEx had a return on equity of 16.76% and a net margin of 4.88%.The company had revenue of $24 billion during the quarter, compared to analyst estimates of $23.44 billion. During the same quarter last year, the firm posted $4.51 earnings per share. The firm's revenue was up 8.3% on a year-over-year basis. Equities research analysts predict that FedEx Corporation will post 19.72 earnings per share for the current year.

FedEx Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Monday, June 22nd will be paid a $1.22 dividend. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a yield of 1.4%. FedEx's dividend payout ratio (DPR) is presently 30.87%.

Analyst Ratings Changes

Several analysts have issued reports on FDX shares. Truist Financial set a $155.00 target price on FedEx in a research note on Tuesday, June 2nd. Stephens reaffirmed an "overweight" rating and issued a $435.00 target price on shares of FedEx in a research note on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft lowered FedEx from a "buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Argus upped their target price on FedEx from $350.00 to $400.00 and gave the stock a "buy" rating in a research note on Monday, April 6th. Finally, BNP Paribas Exane cut their target price on FedEx from $335.00 to $269.76 and set a "neutral" rating for the company in a research note on Tuesday, June 2nd. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $371.45.

Insiders Place Their Bets

In other FedEx news, Director Susan C. Schwab sold 5,795 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $369.00, for a total value of $2,138,355.00. Following the completion of the transaction, the director owned 10,038 shares in the company, valued at approximately $3,704,022. This represents a 36.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gina F. Adams sold 20,450 shares of the stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $366.45, for a total value of $7,493,902.50. Following the completion of the transaction, the executive vice president owned 19,403 shares of the company's stock, valued at approximately $7,110,229.35. This trade represents a 51.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 48,104 shares of company stock worth $17,599,006. Insiders own 0.53% of the company's stock.

FedEx Company 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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