FedEx Freight (NYSE:FDXF) Hits New 1-Year Low - Here's What Happened

Key Points

• FedEx Freight shares fell to a new 52-week low, reaching $103.51 during Wednesday trading versus a prior close of $108.50. The stock’s 50-day moving average stands at $120.26.
• Despite the decline, analysts maintain a consensus “Moderate Buy” rating with an average price target of $158.85. Recent targets range from $130 at BMO Capital Markets to $190 at Citizens JMP.
• Institutional interest was mixed but generally positive, with several investment firms initiating or increasing positions in FedEx Freight during the third quarter.

FedEx Freight Hldg Co (NYSE:FDXF - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $103.51 and last traded at $104.3880, with a volume of 237,435 shares. The stock had previously closed at $108.50.

Wall Street Analysts Forecast Growth

Several research firms have commented on FDXF. JPMorgan Chase & Co. lowered their price target on shares of FedEx Freight from $160.00 to $149.00 and set an "overweight" rating for the company in a report on Monday, October 5th. Citizens Jmp started coverage on shares of FedEx Freight in a report on Wednesday, July 15th. They issued a "market outperform" rating and a $190.00 price objective on the stock. BMO Capital Markets set a $130.00 price objective on shares of FedEx Freight in a research report on Wednesday, October 7th. The Goldman Sachs Group began coverage on shares of FedEx Freight in a research note on Wednesday, July 1st. They set a "buy" rating and a $186.00 target price for the company. Finally, Weiss Ratings lowered FedEx Freight from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, FedEx Freight currently has a consensus rating of "Moderate Buy" and an average target price of $158.85.

FedEx Freight Stock Performance

The stock's 50-day simple moving average is $120.26.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FDXF. North Dakota State Investment Board acquired a new position in FedEx Freight during the 3rd quarter worth approximately $397,000. AMI Investment Management Inc. lifted its holdings in shares of FedEx Freight by 6.0% in the 3rd quarter. AMI Investment Management Inc. now owns 5,920 shares of the company's stock valued at $647,000 after buying an additional 334 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of FedEx Freight in the 3rd quarter valued at approximately $235,000. Inspire Investing LLC purchased a new stake in shares of FedEx Freight in the third quarter valued at approximately $962,000. Finally, Yousif Capital Management LLC boosted its stake in shares of FedEx Freight by 9.6% in the third quarter. Yousif Capital Management LLC now owns 15,332 shares of the company's stock valued at $1,677,000 after buying an additional 1,347 shares in the last quarter.

About FedEx Freight

FedEx Freight is a less-than-truckload (LTL) freight transportation company that provides pickup, consolidation, transportation and delivery services for shipments that do not require a full truck. Its customers include businesses across manufacturing, retail, wholesale, healthcare, technology and other industries.

The company offers a range of LTL solutions, including time-definite and day-definite services, standard and economy freight transportation, expedited shipping, volume and multiweight services, and specialized delivery options.

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