SummitTX Capital L.P. Sells 23,884 Shares of FedEx Corporation $FDX

Key Points

• SummitTX Capital cut its FedEx stake by 62.3% in the first quarter, selling 23,884 shares and retaining 14,456 shares valued at approximately $5.15 million. Institutional investors collectively own 84.47% of FedEx.
• Analyst sentiment remains a “Moderate Buy”, with 18 Buy ratings and a consensus price target of $350.54, despite several firms recently lowering their targets.
• FedEx shares opened at $310.54, while the company reported quarterly EPS of $5.88 on $23.26 billion in revenue. Its quarterly dividend was set at $1.22 per share, representing a 1.6% annualized yield.

SummitTX Capital L.P. reduced its stake in FedEx Corporation (NYSE:FDX - Free Report) by 62.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,456 shares of the shipping service provider's stock after selling 23,884 shares during the period. SummitTX Capital L.P.'s holdings in FedEx were worth $5,149,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Hollencrest Capital Management bought a new stake in FedEx in the first quarter valued at about $25,000. Bayban bought a new position in FedEx during the first quarter worth about $26,000. Cedar Mountain Advisors LLC grew its position in shares of FedEx by 77.4% during the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider's stock worth $33,000 after buying an additional 41 shares during the period. EFG International AG acquired a new position in shares of FedEx during the 4th quarter worth about $27,000. Finally, Tucker Asset Management LLC bought a new stake in shares of FedEx in the 4th quarter valued at about $29,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the transaction, the director directly owned 16,359 shares in the company, valued at $5,309,477.04. This represents a 23.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

FDX has been the topic of a number of analyst reports. HSBC cut their price target on shares of FedEx from $360.00 to $289.89 and set a "hold" rating on the stock in a research report on Monday, June 1st. The Goldman Sachs Group lowered their target price on shares of FedEx from $405.00 to $375.00 and set a "buy" rating for the company in a research note on Monday, June 1st. Argus increased their target price on shares of FedEx from $350.00 to $400.00 and gave the stock a "buy" rating in a report on Monday, April 6th. BNP Paribas Exane reduced their price target on shares of FedEx from $335.00 to $269.76 and set a "neutral" rating on the stock in a research report on Tuesday, June 2nd. Finally, Wolfe Research lowered their price objective on shares of FedEx from $427.00 to $423.00 and set an "outperform" rating for the company in a research report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $350.54.

FedEx Trading Down 1.4%

NYSE:FDX opened at $310.54 on Tuesday. The company has a market cap of $73.47 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 1.62 and a beta of 1.29. FedEx Corporation has a twelve month low of $172.88 and a twelve month high of $345.36. The business has a 50 day moving average price of $334.80 and a two-hundred day moving average price of $350.44. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74.

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 (EPS) for the quarter. The company had revenue of $23.26 billion for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were given a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 annualized dividend and a yield of 1.6%. FedEx's payout ratio is 26.36%.

FedEx Company 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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