ING Groep NV Cuts Stock Holdings in FedEx Corporation (NYSE:FDX)

Key Points

• ING Groep NV reduced its holdings in FedEx Corporation by 63%, maintaining a position of 28,294 shares worth approximately $6.9 million.
• Insider transactions revealed that FedEx directors Marvin R. Ellison and R Brad Martin sold shares, representing a 31.86% and 19.20% decrease in their holdings, respectively.
• FedEx announced an increase in its quarterly dividend to $1.45 per share, up from $1.38, marking a 2.7% dividend yield.

ING Groep NV lessened its stake in FedEx Corporation (NYSE:FDX - Free Report) by 63.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,294 shares of the shipping service provider's stock after selling 48,115 shares during the period. ING Groep NV's holdings in FedEx were worth $6,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FDX. Brighton Jones LLC boosted its position in FedEx by 12.8% in the fourth quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider's stock valued at $514,000 after buying an additional 207 shares during the last quarter. Aviva PLC raised its stake in FedEx by 68.7% in the 4th quarter. Aviva PLC now owns 139,538 shares of the shipping service provider's stock valued at $39,256,000 after purchasing an additional 56,803 shares during the last quarter. Quadrant Capital Group LLC raised its stake in FedEx by 1.9% in the 4th quarter. Quadrant Capital Group LLC now owns 2,664 shares of the shipping service provider's stock valued at $749,000 after purchasing an additional 50 shares during the last quarter. Cerity Partners LLC increased its stake in shares of FedEx by 3.6% in the 4th quarter. Cerity Partners LLC now owns 62,520 shares of the shipping service provider's stock worth $17,560,000 after acquiring an additional 2,175 shares during the last quarter. Finally, Employees Retirement System of Texas grew its holdings in shares of FedEx by 13.6% during the 4th quarter. Employees Retirement System of Texas now owns 17,578 shares of the shipping service provider's stock worth $4,945,000 after purchasing an additional 2,100 shares during the period. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Stock Up 1.9%

NYSE:FDX traded up $4.23 on Wednesday, hitting $226.64. The stock had a trading volume of 2,130,348 shares, compared to its average volume of 1,922,856. FedEx Corporation has a 1 year low of $194.29 and a 1 year high of $308.53. The firm's fifty day simple moving average is $227.92 and its two-hundred day simple moving average is $234.41. The stock has a market cap of $53.46 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 1.16 and a beta of 1.30. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, beating the consensus estimate of $5.98 by $0.09. The firm had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $21.86 billion. FedEx had a net margin of 4.65% and a return on equity of 16.34%. During the same period last year, the firm earned $5.41 EPS. Analysts predict that FedEx Corporation will post 19.14 earnings per share for the current year.

FedEx Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 23rd were paid a dividend of $1.45 per share. The ex-dividend date of this dividend was Monday, June 23rd. This is an increase from FedEx's previous quarterly dividend of $1.38. This represents a $5.80 annualized dividend and a yield of 2.6%. FedEx's payout ratio is presently 34.36%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FDX. Stephens restated an "overweight" rating and set a $300.00 target price on shares of FedEx in a report on Tuesday, May 20th. UBS Group decreased their target price on FedEx from $311.00 to $297.00 and set a "buy" rating on the stock in a research report on Wednesday, June 25th. Wells Fargo & Company upped their price objective on FedEx from $220.00 to $235.00 and gave the company an "equal weight" rating in a research report on Wednesday, June 25th. Susquehanna increased their target price on FedEx from $290.00 to $295.00 and gave the stock a "positive" rating in a research report on Wednesday, June 25th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $260.00 target price (down previously from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $283.25.

Insiders Place Their Bets

In other FedEx news, Director Marvin R. Ellison sold 3,610 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $236.94, for a total transaction of $855,353.40. Following the completion of the sale, the director directly owned 7,720 shares of the company's stock, valued at approximately $1,829,176.80. This represents a 31.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul S. Walsh sold 3,610 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $238.29, for a total transaction of $860,226.90. Following the completion of the transaction, the director owned 15,513 shares of the company's stock, valued at approximately $3,696,592.77. The trade was a 18.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,343 shares of company stock valued at $2,228,816. Insiders own 8.87% of the company's stock.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.