K.J. Harrison & Partners Inc Invests $946,000 in FedEx Corporation $FDX

Key Points

• K.J. Harrison & Partners purchased 3,020 FedEx shares worth approximately $946,000 in the second quarter, while institutional investors collectively own 84.47% of the stock.
• Analysts maintain a generally positive view, with FedEx receiving a “Moderate Buy” consensus rating and an average price target of $350.54, despite several recent target-price reductions.
• FedEx shares opened at $331.86, near the middle of their 52-week range, after the company reported quarterly earnings of $5.88 per share and revenue of $23.26 billion. The stock’s annualized dividend is $4.88, yielding about 1.5%.

K.J. Harrison & Partners Inc bought a new position in shares of FedEx Corporation (NYSE:FDX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,020 shares of the shipping service provider's stock, valued at approximately $946,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in FedEx during the second quarter worth about $6,508,103,000. State Street Corp raised its stake in FedEx by 4.2% in the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider's stock valued at $2,763,824,000 after buying an additional 382,848 shares during the period. Franklin Resources Inc. raised its stake in FedEx by 6.6% in the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider's stock valued at $1,482,785,000 after buying an additional 318,293 shares during the period. Geode Capital Management LLC lifted its position in shares of FedEx by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider's stock valued at $1,443,666,000 after buying an additional 45,818 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of FedEx by 3.1% in the third 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 during the last quarter. 84.47% of the stock is owned by institutional investors.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the company's stock in a transaction that occurred on 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 directly owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FDX has been the topic of several research reports. UBS Group decreased their price objective on shares of FedEx from $445.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. Stifel Nicolaus reduced their target price on shares of FedEx from $442.00 to $326.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Weiss Ratings lowered shares of FedEx from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Bank of America increased their price target on shares of FedEx from $376.00 to $378.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Finally, Evercore set a $165.00 price objective on shares of FedEx in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, FedEx has an average rating of "Moderate Buy" and an average target price of $350.54.

FedEx Stock Down 0.8%

FDX stock opened at $331.86 on Tuesday. The company has a market cap of $78.51 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. The business has a 50-day simple moving average of $319.43 and a 200 day simple moving average of $351.54. FedEx Corporation has a 52 week low of $177.05 and a 52 week high of $345.36. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74.

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

FedEx Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were paid a $1.22 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx's dividend payout ratio is currently 26.36%.

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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