Sit Investment Associates Inc. Buys 5,425 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• Sit Investment Associates Inc. increased its stake in FedEx by 12.2% in Q1, acquiring an additional 5,425 shares, bringing its total holdings to 50,036 shares valued at approximately $12.2 million.
• FedEx's recent earnings report showed $6.07 earnings per share, exceeding estimates and reflecting a revenue of $22.2 billion for the quarter.
• The company announced a quarterly dividend of $1.45 per share, translating to an annual yield of 2.5%, with an upcoming payment date of October 1st.

Sit Investment Associates Inc. boosted its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 12.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,036 shares of the shipping service provider's stock after buying an additional 5,425 shares during the period. Sit Investment Associates Inc.'s holdings in FedEx were worth $12,198,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Transce3nd LLC bought a new stake in shares of FedEx in the 4th quarter worth $26,000. Accredited Wealth Management LLC bought a new stake in shares of FedEx in the 4th quarter worth $35,000. Abound Financial LLC bought a new stake in shares of FedEx in the 1st quarter worth $38,000. Optiver Holding B.V. bought a new stake in shares of FedEx in the 4th quarter worth $39,000. Finally, Ameriflex Group Inc. bought a new stake in shares of FedEx in the 4th quarter worth $43,000. Institutional investors own 84.47% of the company's stock.

FedEx Trading Up 0.0%

Shares of FDX stock opened at $230.44 on Thursday. FedEx Corporation has a 12-month low of $194.29 and a 12-month high of $308.53. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 0.68. The stock's 50-day moving average price is $228.97 and its 200-day moving average price is $232.79. The stock has a market capitalization of $54.36 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30.

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

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 8th will be issued a $1.45 dividend. This represents a $5.80 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, September 8th. FedEx's payout ratio is 34.36%.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 3,610 shares of the business'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 sale, the director directly owned 15,513 shares of the company's stock, valued at $3,696,592.77. The trade was a 18.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Marvin R. Ellison sold 3,610 shares of the business's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total value of $855,353.40. Following the sale, the director directly owned 7,720 shares in the company, valued at $1,829,176.80. The trade was a 31.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,343 shares of company stock valued at $2,228,816. 8.87% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FDX has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price target on FedEx from $260.00 to $290.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 25th. Stifel Nicolaus set a $315.00 price target on FedEx in a research note on Wednesday, June 25th. Truist Financial restated a "buy" rating and issued a $275.00 price target on shares of FedEx in a research note on Wednesday, June 25th. Citigroup raised their price target on FedEx from $259.00 to $278.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Finally, Raymond James Financial restated an "outperform" rating and issued a $260.00 price target (down from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. Two 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $283.25.

About FedEx

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.

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