Summit Asset Management LLC Cuts Holdings in FedEx Co. (NYSE:FDX)

Summit Asset Management LLC trimmed its holdings in shares of FedEx Co. (NYSE:FDX) by 6.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,845 shares of the shipping service provider’s stock after selling 539 shares during the quarter. Summit Asset Management LLC’s holdings in FedEx were worth $2,207,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FDX. Fortitude Family Office LLC boosted its stake in FedEx by 144.4% in the fourth quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider’s stock valued at $25,000 after acquiring an additional 52 shares in the last quarter. Evermay Wealth Management LLC boosted its stake in FedEx by 72.7% in the third quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after acquiring an additional 40 shares in the last quarter. Peoples Financial Services CORP. acquired a new stake in FedEx in the fourth quarter valued at approximately $28,000. City Holding Co. acquired a new stake in FedEx in the fourth quarter valued at approximately $28,000. Finally, Kentucky Trust Co acquired a new stake in FedEx in the fourth quarter valued at approximately $28,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FDX shares. StockNews.com upgraded shares of FedEx from a “hold” rating to a “buy” rating in a research note on Friday, December 20th. BMO Capital Markets lifted their price objective on shares of FedEx from $300.00 to $330.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. Sanford C. Bernstein downgraded shares of FedEx from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $337.00 to $316.00 in a research note on Tuesday, December 3rd. Raymond James downgraded shares of FedEx from an “outperform” rating to a “market perform” rating in a research note on Monday, February 3rd. Finally, Stifel Nicolaus lowered their price objective on shares of FedEx from $368.00 to $364.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and an average price target of $321.87.

FedEx Stock Down 5.4 %

FDX opened at $253.97 on Friday. FedEx Co. has a fifty-two week low of $239.07 and a fifty-two week high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. The company has a fifty day moving average of $270.75 and a two-hundred day moving average of $278.13. The stock has a market capitalization of $61.17 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 1.11 and a beta of 1.18.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share for the quarter, beating analysts’ consensus estimates of $3.88 by $0.17. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $22.14 billion. During the same quarter in the previous year, the company earned $3.99 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis. On average, research analysts expect that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a $1.38 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a yield of 2.17%. FedEx’s payout ratio is 35.18%.

Insider Buying and Selling at FedEx

In related news, EVP John W. Dietrich bought 1,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was acquired at an average price of $273.98 per share, with a total value of $273,980.00. Following the completion of the purchase, the executive vice president now directly owns 9,067 shares of the company’s stock, valued at approximately $2,484,176.66. This trade represents a 12.40 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amy B. Lane bought 333 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were bought at an average cost of $276.06 per share, with a total value of $91,927.98. Following the purchase, the director now directly owns 333 shares of the company’s stock, valued at approximately $91,927.98. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 8.87% of the stock is owned by corporate insiders.

FedEx Company 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.