Trust Co. of Toledo NA OH Cuts Stock Position in FedEx Co. (NYSE:FDX)

Trust Co. of Toledo NA OH cut its holdings in FedEx Co. (NYSE:FDX) by 3.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,224 shares of the shipping service provider’s stock after selling 42 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in FedEx were worth $367,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Scarborough Advisors LLC bought a new stake in FedEx in the fourth quarter worth $25,000. Fortis Group Advisors LLC lifted its position in FedEx by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after buying an additional 50 shares during the last quarter. Private Wealth Management Group LLC bought a new stake in FedEx in the fourth quarter worth $28,000. Rakuten Securities Inc. bought a new stake in FedEx in the fourth quarter worth $30,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in FedEx in the fourth quarter worth $31,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Stock Performance

NYSE:FDX traded up $2.64 during trading hours on Tuesday, reaching $285.73. The company had a trading volume of 1,399,204 shares, compared to its average volume of 1,897,218. FedEx Co. has a 1-year low of $224.69 and a 1-year high of $313.84. The firm has a market cap of $70.31 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 1.08 and a beta of 1.18. The business’s 50 day moving average price is $278.50 and its 200-day moving average price is $264.60. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the company posted $4.94 EPS. Research analysts forecast that FedEx Co. will post 20.94 EPS for the current year.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th were paid a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a dividend yield of 1.93%. This is an increase from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date was Monday, June 24th. FedEx’s dividend payout ratio is presently 32.04%.

Insider Transactions at FedEx

In other news, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the transaction, the executive vice president now directly owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the sale, the executive vice president now directly owns 59,884 shares in the company, valued at $17,634,640.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total value of $34,711.84. Following the sale, the chief accounting officer now owns 930 shares of the company’s stock, valued at $278,293.20. The disclosure for this sale can be found here. Insiders sold a total of 32,944 shares of company stock valued at $9,882,355 in the last three months. 8.73% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on FDX. Stephens reiterated an “overweight” rating and set a $325.00 target price on shares of FedEx in a research report on Wednesday, June 26th. The Goldman Sachs Group lifted their target price on FedEx from $316.00 to $333.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Robert W. Baird lifted their price objective on FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a report on Wednesday, June 26th. StockNews.com upgraded FedEx from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 30th. Finally, Raymond James cut their target price on FedEx from $325.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.00.

FedEx Profile

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.