State Street Corp Purchases Shares of 4,793,027 FedEx Freight Hldg Co $FDXF

Key Points

• State Street acquired 4,793,027 FedEx Freight shares in the second quarter, valued at approximately $723.7 million and representing about 3.21% of the company.
• Several other major institutions—including Maple Rock Capital, Allianz Asset Management and the National Pension Service—also established new positions in FedEx Freight during the quarter.
• FDXF opened at $119.26, near its 12-month low of $116.03. Analysts have a “Moderate Buy” consensus rating and an average price target of $172.67, despite the company reporting $0.00 quarterly EPS.

State Street Corp acquired a new position in shares of FedEx Freight Hldg Co (NYSE:FDXF - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,793,027 shares of the company's stock, valued at approximately $723,747,000. State Street Corp owned approximately 3.21% of FedEx Freight as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Maple Rock Capital Partners Inc. bought a new position in shares of FedEx Freight in the second quarter valued at $68,207,000. Allianz Asset Management GmbH acquired a new stake in shares of FedEx Freight during the 2nd quarter worth about $50,888,000. National Pension Service acquired a new position in shares of FedEx Freight in the second quarter valued at approximately $26,648,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of FedEx Freight during the second quarter worth $19,666,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of FedEx Freight in the second quarter valued at about $10,838,000.

FedEx Freight Stock Performance

FDXF stock opened at $119.26 on Thursday. The firm has a 50-day moving average price of $136.89. FedEx Freight Hldg Co has a 12 month low of $116.03 and a 12 month high of $194.27.

FedEx Freight (NYSE:FDXF - Get Free Report) last posted its quarterly earnings results on Thursday, June 25th. The company reported $0.00 earnings per share (EPS) for the quarter. Equities research analysts forecast that FedEx Freight Hldg Co will post 4.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FDXF. Raymond James Financial started coverage on shares of FedEx Freight in a research note on Wednesday, June 3rd. They issued an "outperform" rating and a $180.00 price objective for the company. Evercore assumed coverage on shares of FedEx Freight in a report on Thursday, June 4th. They set an "outperform" rating and a $168.00 target price on the stock. Zacks Research upgraded FedEx Freight to a "hold" rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. started coverage on FedEx Freight in a research report on Tuesday, September 8th. They set an "overweight" rating and a $160.00 price target on the stock. Finally, Stifel Nicolaus initiated coverage on FedEx Freight in a research note on Thursday, June 4th. They set a "hold" rating and a $160.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, FedEx Freight has an average rating of "Moderate Buy" and an average price target of $172.67.

About FedEx Freight

FedEx Freight is a less-than-truckload (LTL) transportation company that provides freight shipping services for businesses across North America. Its network transports palletized and other consolidated shipments that do not require a full truckload, serving manufacturers, wholesalers, retailers, distributors and other commercial customers.

The company offers a range of freight solutions, including standard and time-definite LTL delivery, expedited transportation, volume and consolidated freight services, and specialized options for residential or appointment-based deliveries.

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