Selway Asset Management Sells 2,893 Shares of FedEx Co. (NYSE:FDX)

Selway Asset Management decreased its position in FedEx Co. (NYSE:FDX - Free Report) by 11.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,236 shares of the shipping service provider's stock after selling 2,893 shares during the quarter. FedEx makes up approximately 2.5% of Selway Asset Management's portfolio, making the stock its 11th largest position. Selway Asset Management's holdings in FedEx were worth $5,878,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FDX. Advantage Trust Co bought a new position in shares of FedEx during the 4th quarter worth approximately $83,000. Summa Corp. bought a new stake in FedEx during the fourth quarter worth $316,000. Wealthspire Advisors LLC boosted its position in FedEx by 18.3% in the fourth quarter. Wealthspire Advisors LLC now owns 6,129 shares of the shipping service provider's stock worth $1,550,000 after purchasing an additional 946 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its stake in FedEx by 12.9% in the 4th quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,951 shares of the shipping service provider's stock valued at $747,000 after purchasing an additional 337 shares during the period. Finally, National Pension Service raised its stake in shares of FedEx by 2.8% during the 4th quarter. National Pension Service now owns 519,935 shares of the shipping service provider's stock worth $131,528,000 after purchasing an additional 14,219 shares during the period. Hedge funds and other institutional investors own 84.47% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Robert W. Baird lifted their price objective on shares of FedEx from $315.00 to $325.00 and gave the stock an "outperform" rating in a research report on Friday, March 22nd. Morgan Stanley raised their target price on FedEx from $195.00 to $210.00 and gave the stock an "equal weight" rating in a research report on Friday, March 22nd. BMO Capital Markets increased their target price on shares of FedEx from $290.00 to $310.00 and gave the stock a "market perform" rating in a research report on Friday, March 22nd. BNP Paribas reissued an "underperform" rating and issued a $250.00 price target on shares of FedEx in a research report on Wednesday, March 27th. Finally, Barclays lifted their price objective on shares of FedEx from $310.00 to $350.00 and gave the company an "overweight" rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $301.33.

FedEx Trading Up 1.4 %

Shares of FDX traded up $3.67 during mid-day trading on Friday, reaching $265.73. The company's stock had a trading volume of 1,090,293 shares, compared to its average volume of 1,922,831. FedEx Co. has a 52 week low of $213.80 and a 52 week high of $291.27. The stock has a market cap of $65.39 billion, a PE ratio of 15.32, a P/E/G ratio of 1.23 and a beta of 1.23. The company's fifty day moving average price is $265.55 and its two-hundred day moving average price is $255.35. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping the consensus estimate of $3.49 by $0.37. The business had revenue of $21.70 billion during the quarter, compared to the consensus estimate of $21.95 billion. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The firm's revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.41 earnings per share. On average, analysts predict that FedEx Co. will post 17.69 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were issued a $1.26 dividend. This represents a $5.04 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Friday, March 8th. FedEx's dividend payout ratio is 29.07%.

FedEx announced that its Board of Directors has approved a stock buyback plan on Thursday, March 21st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at FedEx

In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of the company's stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the transaction, the vice president now directly owns 486 shares in the company, valued at approximately $140,507.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other FedEx news, EVP Tracy B. Brightman sold 2,550 shares of the company's stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $275.69, for a total value of $703,009.50. Following the sale, the executive vice president now owns 6,294 shares in the company, valued at $1,735,192.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Guy M. Erwin II sold 2,749 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the sale, the vice president now directly owns 486 shares in the company, valued at $140,507.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 136,668 shares of company stock worth $37,758,773. 8.73% of the stock is currently owned by company insiders.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.

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