North Dakota State Investment Board Invests $2.12 Million in FedEx Corporation $FDX

Key Points

• North Dakota State Investment Board initiated a new stake in FedEx during the fourth quarter, buying 7,347 shares valued at about $2.12 million.
• FedEx reported stronger-than-expected quarterly results, with EPS of $5.25 versus estimates of $4.12 and revenue of $24 billion, up 8.3% year over year.
• Analysts remain generally positive on the stock: FedEx has a Moderate Buy consensus rating and an average target price of $398.04, though some insiders have recently sold shares.

North Dakota State Investment Board purchased a new position in shares of FedEx Corporation (NYSE:FDX - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 7,347 shares of the shipping service provider's stock, valued at approximately $2,122,000.

A number of other hedge funds and other institutional investors have also modified their holdings of FDX. Vanguard Group Inc. grew its holdings in shares of FedEx by 13.2% during the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider's stock worth $5,527,870,000 after buying an additional 2,741,723 shares in the last quarter. Boston Partners purchased a new stake in shares of FedEx during the third quarter worth about $468,195,000. Dodge & Cox grew its holdings in shares of FedEx by 12.0% during the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider's stock worth $3,826,055,000 after buying an additional 1,742,666 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of FedEx by 169.2% during the third quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider's stock worth $638,203,000 after buying an additional 1,718,278 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of FedEx during the third quarter worth about $171,960,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Price Performance

FedEx stock opened at $369.68 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.44 and a current ratio of 1.47. FedEx Corporation has a 1 year low of $214.35 and a 1 year high of $404.03. The firm has a 50 day moving average price of $368.98 and a 200 day moving average price of $329.58. The company has a market cap of $88.21 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 1.42 and a beta of 1.29.

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

Insider Buying and Selling at FedEx

In other FedEx news, Director Susan C. Schwab sold 5,795 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the completion of the sale, the director directly owned 10,038 shares in the company, valued at $3,704,022. The trade was a 36.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Tracy B. Brightman sold 16,959 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $363.47, for a total transaction of $6,164,087.73. Following the sale, the executive vice president owned 11,052 shares of the company's stock, valued at approximately $4,017,070.44. This represents a 60.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,104 shares of company stock valued at $17,599,006 in the last ninety days. Corporate insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Zacks Research downgraded shares of FedEx from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 18th. TD Cowen boosted their target price on shares of FedEx from $383.00 to $426.00 and gave the company a "buy" rating in a report on Friday, March 20th. Weiss Ratings upgraded shares of FedEx from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday. UBS Group restated a "buy" rating on shares of FedEx in a report on Tuesday, May 5th. Finally, JPMorgan Chase & Co. restated a "neutral" rating on shares of FedEx in a report on Tuesday, May 12th. Eighteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $398.04.

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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