SteelPeak Wealth LLC Purchases 12,979 Shares of FedEx Corporation $FDX

Key Points

• SteelPeak Wealth increased its FedEx stake by 203.1% in the third quarter, buying 12,979 additional shares to reach 19,370 shares valued at approximately $5.55 million.
• Institutional investors and hedge funds own 84.47% of FedEx, while several other large investors also expanded or initiated positions in the company.
• FedEx shares opened at $293.51, below their 50-day and 200-day moving averages. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $354.64, and the company pays a $1.22 quarterly dividend.

SteelPeak Wealth LLC raised its position in FedEx Corporation (NYSE:FDX - Free Report) by 203.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,370 shares of the shipping service provider's stock after purchasing an additional 12,979 shares during the quarter. SteelPeak Wealth LLC's holdings in FedEx were worth $5,545,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. OMERS ADMINISTRATION Corp raised its position in shares of FedEx by 104.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,319 shares of the shipping service provider's stock worth $6,169,000 after purchasing an additional 8,868 shares during the period. First Nebraska Trust Co purchased a new stake in shares of FedEx in the first quarter worth approximately $10,675,000. NewEdge Advisors LLC lifted its position in FedEx by 74.1% in the 2nd quarter. NewEdge Advisors LLC now owns 34,354 shares of the shipping service provider's stock worth $10,757,000 after buying an additional 14,624 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in FedEx during the first quarter valued at $3,918,000. Finally, Archer Investment Corp acquired a new stake in shares of FedEx during the 2nd quarter valued at about $1,147,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Stock Down 0.7%

Shares of NYSE:FDX opened at $293.51 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The firm has a market cap of $69.47 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.57 and a beta of 1.28. The company's 50-day moving average price is $309.44 and its two-hundred day moving average price is $334.17. FedEx Corporation has a 12 month low of $187.62 and a 12 month high of $345.36.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings data 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 during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, research analysts forecast that FedEx Corporation will post 18.27 EPS for the current fiscal year.

FedEx Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 14th were given a dividend of $1.22 per share. The ex-dividend date was Monday, September 14th. This represents a $4.88 annualized dividend and a dividend yield of 1.7%. FedEx's payout ratio is currently 26.36%.

Analyst Ratings Changes

FDX has been the subject of several analyst reports. UBS Group reduced their price objective on shares of FedEx from $445.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, June 24th. BNP Paribas Exane increased their price objective on FedEx from $269.80 to $300.00 and gave the company a "neutral" rating in a research report on Wednesday, September 30th. Citizens Jmp initiated coverage on FedEx in a research report on Wednesday, July 15th. They set a "market outperform" rating and a $375.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on shares of FedEx from $400.00 to $399.00 and set an "overweight" rating on the stock in a research note on Monday, October 5th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of FedEx in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, FedEx presently has a consensus rating of "Moderate Buy" and an average target price of $354.64.

FedEx Profile

FedEx Corporation NYSE: FDX is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, customs brokerage, logistics and supply chain services for businesses, governments and consumers.

The company's services include domestic and international package delivery, less-than-truckload freight transportation, warehousing, fulfillment, supply chain management and specialized logistics solutions.

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