Wellington Management Group LLP Purchases Shares of 8,080 FedEx Freight Hldg Co $FDXF

Key Points

• Wellington Management opened a new FedEx Freight position by purchasing 8,080 shares valued at approximately $1.22 million. Several other institutional investors also established new stakes during the second quarter.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $172.67; targets from major firms range from $160 to $185.
• FedEx Freight shares opened at $128.05, within a 12-month range of $122.43 to $194.27. The company reported quarterly EPS of $0.00, while analysts expect full-year EPS of $4.80.

Wellington Management Group LLP purchased 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 Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,080 shares of the company's stock, valued at approximately $1,220,000.

Other hedge funds have also made changes to their positions in the company. Archer Investment Corp purchased a new stake in shares of FedEx Freight in the second quarter valued at $276,000. North Star Asset Management Inc. purchased a new position in FedEx Freight during the second quarter worth about $725,000. Pacific Heights Asset Management LLC acquired a new stake in FedEx Freight in the 2nd quarter worth about $6,418,000. Public Employees Retirement System of Ohio acquired a new stake in FedEx Freight in the 2nd quarter worth about $5,884,000. Finally, Birmingham Capital Management Co. Inc. AL purchased a new stake in FedEx Freight in the 2nd quarter valued at about $745,000.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FDXF. JPMorgan Chase & Co. initiated coverage on shares of FedEx Freight in a research note on Tuesday. They set an "overweight" rating and a $160.00 price objective for the company. Wolfe Research began coverage on shares of FedEx Freight in a report on Thursday, June 4th. They issued an "outperform" rating and a $180.00 target price for the company. Weiss Ratings raised shares of FedEx Freight from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday. Wall Street Zen raised shares of FedEx Freight to a "hold" rating in a research note on Saturday, June 6th. Finally, Bank of America assumed coverage on shares of FedEx Freight in a research note on Monday, June 1st. They set a "buy" rating and a $185.00 price target on the stock. One equities research 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $172.67.

FedEx Freight Stock Up 3.3%

Shares of NYSE:FDXF opened at $128.05 on Friday. The stock's 50-day moving average price is $140.99. FedEx Freight Hldg Co has a 12 month low of $122.43 and a 12 month high of $194.27.

FedEx Freight (NYSE:FDXF - Get Free Report) last released its quarterly earnings data on Thursday, June 25th. The company reported $0.00 EPS for the quarter. Research analysts predict that FedEx Freight Hldg Co will post 4.8 EPS for the current fiscal year.

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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