Intech Investment Management LLC Sells 128,631 Shares of FedEx Corporation $FDX

Key Points

• Intech Investment Management LLC cut its FedEx stake by 79.5% in the fourth quarter, selling 128,631 shares and leaving it with 33,202 shares valued at about $9.6 million.
• FedEx is drawing attention ahead of its FedEx Freight spinoff, with analysts saying the separation could unlock value and improve focus for the remaining business. JPMorgan also reportedly turned more positive on the stock ahead of the move.
• Despite some insider selling, Wall Street sentiment remains fairly constructive: analysts have a Moderate Buy consensus on FedEx, and the company recently beat earnings and revenue estimates in its latest quarterly report.

Intech Investment Management LLC lessened its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 79.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,202 shares of the shipping service provider's stock after selling 128,631 shares during the quarter. Intech Investment Management LLC's holdings in FedEx were worth $9,591,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. LRI Investments LLC grew its stake in shares of FedEx by 5.2% during the fourth quarter. LRI Investments LLC now owns 632 shares of the shipping service provider's stock worth $183,000 after buying an additional 31 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in shares of FedEx by 11.9% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 292 shares of the shipping service provider's stock worth $84,000 after buying an additional 31 shares during the last quarter. Legacy Bridge LLC grew its stake in shares of FedEx by 33.0% during the fourth quarter. Legacy Bridge LLC now owns 133 shares of the shipping service provider's stock worth $38,000 after buying an additional 33 shares during the last quarter. True Wealth Design LLC grew its stake in shares of FedEx by 8.2% during the fourth quarter. True Wealth Design LLC now owns 462 shares of the shipping service provider's stock worth $133,000 after buying an additional 35 shares during the last quarter. Finally, ORG Partners LLC grew its stake 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 buying an additional 35 shares during the last quarter. Institutional investors own 84.47% of the company's stock.

More FedEx News

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: FedEx Freight’s spinoff is set to go live on June 1, and Wall Street commentary suggests the separation could unlock value for FedEx’s remaining business by sharpening its focus and simplifying the investment case. FedEx Freight (FDXF) Spinoff Goes Live June 1: Everything You Need to Know
• Positive Sentiment: JPMorgan reportedly turned constructive on FedEx ahead of the spinoff, saying the transaction could unlock more value for the parent company and supporting the stock as a buy idea. FedEx is a buy as freight business spinoff approaches, JPMorgan says
• Positive Sentiment: The new FedEx Freight company is expected to join major indexes quickly, including the S&P 500 and Dow Jones Transportation Average, which could create automatic index-related demand for the spun-off shares and reinforce investor attention on the separation. FedEx Freight Holding Set to Join Dow Jones Transportation Average
• Neutral Sentiment: Market coverage is also highlighting upcoming earnings and valuation debate around FedEx, with investors weighing whether the stock’s recent momentum can continue after the corporate restructuring.

Insider Activity

In related news, EVP Tracy B. Brightman sold 16,959 shares of the business's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $363.47, for a total value of $6,164,087.73. Following the transaction, the executive vice president owned 11,052 shares in the company, valued at $4,017,070.44. The trade was a 60.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Gina F. Adams sold 20,450 shares of the business's stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $366.45, for a total transaction of $7,493,902.50. Following the completion of the transaction, the executive vice president owned 19,403 shares in the company, valued at approximately $7,110,229.35. The trade was a 51.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,104 shares of company stock worth $17,599,006 in the last three months. Corporate insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FDX. JPMorgan Chase & Co. raised shares of FedEx from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $432.00 to $460.00 in a research note on Wednesday. Barclays raised shares of FedEx from an "overweight" rating to an "overweight" rating in a research note on Wednesday. Weiss Ratings raised shares of FedEx from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 15th. Jefferies Financial Group boosted their price objective on shares of FedEx from $425.00 to $450.00 and gave the stock a "buy" rating in a research note on Tuesday, March 3rd. Finally, Evercore cut shares of FedEx from an "outperform" rating to a "cautious" rating in a research note on Wednesday. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $400.69.

FedEx Price Performance

FDX stock opened at $412.11 on Friday. The firm has a market cap of $98.33 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 1.57 and a beta of 1.29. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.77. FedEx Corporation has a 12-month low of $214.82 and a 12-month high of $413.87. The company's fifty day simple moving average is $376.41 and its 200 day simple moving average is $338.03.

FedEx (NYSE:FDX - Get Free Report) last released its earnings results on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.12 by $1.13. The business had revenue of $24 billion for the quarter, compared to analyst estimates of $23.44 billion. FedEx had a net margin of 4.88% and a return on equity of 16.76%. FedEx's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.51 earnings per share. On average, analysts expect that FedEx Corporation will post 19.63 earnings per share for the current year.

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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