FedEx (NYSE:FDX - Get Rating) announced its quarterly earnings data on Thursday. The shipping service provider reported $3.44 earnings per share for the quarter, missing the consensus estimate of $5.14 by ($1.70), Yahoo Finance reports. FedEx had a net margin of 4.09% and a return on equity of 22.29%. The company had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.78 billion. During the same period in the prior year, the firm earned $4.37 earnings per share. FedEx's revenue was up 5.4% on a year-over-year basis.
FedEx Price Performance
NYSE FDX traded up $1.29 during trading hours on Thursday, reaching $154.54. 10,183,165 shares of the stock traded hands, compared to its average volume of 2,615,762. The stock has a 50 day simple moving average of $217.35 and a two-hundred day simple moving average of $216.76. FedEx has a 1 year low of $150.34 and a 1 year high of $266.79. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.43 and a quick ratio of 1.38. The company has a market cap of $40.17 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 0.72 and a beta of 1.21.
FedEx Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be given a dividend of $1.15 per share. The ex-dividend date is Thursday, September 1st. This represents a $4.60 dividend on an annualized basis and a yield of 2.98%. FedEx's payout ratio is 32.17%.
Insider Buying and Selling at FedEx
In other news, Director Vincenzo J. Vena purchased 900 shares of the stock in a transaction on Wednesday, July 6th. The shares were acquired at an average price of $230.04 per share, for a total transaction of $207,036.00. Following the completion of the transaction, the director now directly owns 1,325 shares of the company's stock, valued at approximately $304,803. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Robert B. Carter sold 12,310 shares of FedEx stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $230.61, for a total value of $2,838,809.10. Following the transaction, the executive vice president now owns 54,916 shares in the company, valued at $12,664,178.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Vincenzo J. Vena acquired 900 shares of the firm's stock in a transaction dated Wednesday, July 6th. The stock was bought at an average price of $230.04 per share, for a total transaction of $207,036.00. Following the acquisition, the director now owns 1,325 shares of the company's stock, valued at approximately $304,803. The disclosure for this purchase can be found here. Insiders have sold 48,810 shares of company stock worth $11,199,898 over the last 90 days. Corporate insiders own 8.62% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of FDX. Global Wealth Management Investment Advisory Inc. bought a new stake in FedEx during the 1st quarter valued at approximately $35,000. Worth Asset Management LLC bought a new stake in FedEx during the 1st quarter valued at approximately $41,000. Loomis Sayles & Co. L P boosted its position in FedEx by 553.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 392 shares of the shipping service provider's stock valued at $91,000 after acquiring an additional 332 shares in the last quarter. Covestor Ltd boosted its position in FedEx by 77.7% during the 1st quarter. Covestor Ltd now owns 636 shares of the shipping service provider's stock valued at $147,000 after acquiring an additional 278 shares in the last quarter. Finally, Zions Bancorporation N.A. boosted its position in FedEx by 96.5% during the 1st quarter. Zions Bancorporation N.A. now owns 853 shares of the shipping service provider's stock valued at $197,000 after acquiring an additional 419 shares in the last quarter. Hedge funds and other institutional investors own 71.62% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have issued reports on FDX shares. The Goldman Sachs Group lowered their target price on FedEx from $288.00 to $250.00 and set a "buy" rating for the company in a report on Friday, September 16th. Bank of America lowered FedEx from a "buy" rating to a "neutral" rating and cut their target price for the company from $275.00 to $186.00 in a research report on Friday, September 16th. UBS Group cut their target price on FedEx from $308.00 to $232.00 and set a "buy" rating on the stock in a research report on Friday, September 16th. Evercore ISI cut their target price on FedEx from $318.00 to $243.00 and set an "outperform" rating on the stock in a research report on Friday, September 16th. Finally, Credit Suisse Group cut their target price on FedEx from $314.00 to $246.00 and set an "outperform" rating on the stock in a research report on Friday, September 16th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $238.30.
FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.
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