Pinnacle Associates Ltd. Sells 4,936 Shares of FedEx Corporation $FDX

Key Points

• Pinnacle Associates Ltd. cut its FedEx stake by 6.1% in the fourth quarter, selling 4,936 shares and ending with 76,287 shares valued at about $22.0 million.
• FedEx insiders have also been selling, including EVP Kawal Preet and EVP Gina F. Adams, with insiders selling 48,104 shares worth $17.6 million over the past 90 days.
• Wall Street remains generally constructive on FedEx: analysts currently rate the stock as a Moderate Buy with an average price target of $398.04, while recent research notes have been mixed.

Pinnacle Associates Ltd. decreased its stake in FedEx Corporation (NYSE:FDX - Free Report) by 6.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,287 shares of the shipping service provider's stock after selling 4,936 shares during the period. Pinnacle Associates Ltd.'s holdings in FedEx were worth $22,036,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of FedEx by 11.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,958 shares of the shipping service provider's stock worth $8,243,000 after buying an additional 3,514 shares during the last quarter. Savant Capital LLC increased its holdings in shares of FedEx by 32.5% in the 3rd quarter. Savant Capital LLC now owns 40,019 shares of the shipping service provider's stock worth $9,437,000 after buying an additional 9,806 shares during the last quarter. National Pension Service grew its holdings in shares of FedEx by 3.9% during the 3rd quarter. National Pension Service now owns 633,376 shares of the shipping service provider's stock valued at $149,356,000 after purchasing an additional 23,563 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new position in shares of FedEx during the 3rd quarter valued at $171,960,000. Finally, Applied Finance Capital Management LLC bought a new position in shares of FedEx during the 3rd quarter valued at $727,000. Institutional investors own 84.47% of the company's stock.

Insider Activity at FedEx

In related news, EVP Kawal Preet sold 4,900 shares of FedEx stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the completion of the transaction, the executive vice president directly owned 10,953 shares of the company's stock, valued at $4,029,499.17. This trade represents a 30.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Gina F. Adams sold 20,450 shares of FedEx stock in a transaction dated 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 transaction, the executive vice president directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 48,104 shares of company stock valued at $17,599,006. 0.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

FDX has been the topic of several recent research reports. Weiss Ratings lowered shares of FedEx from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, April 29th. Truist Financial increased their target price on shares of FedEx from $400.00 to $425.00 and gave the company a "buy" rating in a report on Friday, March 20th. Argus increased their target price on shares of FedEx from $350.00 to $400.00 and gave the company a "buy" rating in a report on Monday, April 6th. Zacks Research lowered shares of FedEx from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 18th. Finally, Morgan Stanley increased their target price on shares of FedEx from $220.00 to $230.00 and gave the company an "underweight" rating in a report on Friday, March 20th. Eighteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $398.04.

More FedEx News

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: FedEx’s board approved the spin-off of its FedEx Freight unit, a move that should sharpen the company’s focus on its higher-margin package and air network businesses and could unlock value for shareholders. FedEx Board of Directors Approves Spin-off of FedEx Freight
• Positive Sentiment: The company set the distribution ratio for the freight spinoff at one FedEx Freight share for every two FedEx shares held, and the new Freight entity is expected to begin trading on June 1, giving investors clearer visibility into the transaction timeline. FedEx sets one-for-two share ratio for freight unit spinoff
• Neutral Sentiment: FedEx management said Amazon’s new logistics offering is not a major threat to its business, suggesting the company believes its network and services remain differentiated. FedEx Boss Dismisses Threat From New Amazon Logistics Service
• Neutral Sentiment: Analysts at JPMorgan kept a neutral view on FDX, while Barclays reportedly reiterated a buy rating, indicating Wall Street remains mixed but generally constructive on the stock after the restructuring news. FedEx NYSE: FDX Receives "Neutral" Rating from JPMorgan Chase & Co.
• Negative Sentiment: The stock was also described as sliding in the latest session, reflecting some profit-taking or caution even as the broader market rose. FedEx (FDX) Stock Slides as Market Rises: Facts to Know Before You Trade

FedEx Price Performance

Shares of FedEx stock opened at $369.50 on Thursday. The firm has a market cap of $88.17 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 1.43 and a beta of 1.29. FedEx Corporation has a 12-month low of $214.35 and a 12-month high of $404.03. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.77. The company's fifty day simple moving average is $369.26 and its two-hundred day simple moving average is $326.86.

FedEx (NYSE:FDX - Get Free Report) last posted its earnings results on Thursday, March 19th. The shipping service provider reported $5.25 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 firm had revenue of $24 billion during the quarter, compared to analysts' expectations of $23.44 billion. During the same period last year, the company posted $4.51 EPS. The company's quarterly revenue was up 8.3% compared to the same quarter last year. As a group, equities analysts expect that FedEx Corporation will post 19.72 EPS for the current year.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Monday, March 9th were given a $1.45 dividend. This represents a $5.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, March 9th. FedEx's dividend payout ratio (DPR) is currently 30.87%.

About FedEx

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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