Summit Global Investments Sells 3,885 Shares of FedEx Co. (NYSE:FDX)

Summit Global Investments lowered its stake in shares of FedEx Co. (NYSE:FDX) by 16.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,207 shares of the shipping service provider’s stock after selling 3,885 shares during the quarter. Summit Global Investments’ holdings in FedEx were worth $5,257,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in FDX. Empirical Finance LLC lifted its position in FedEx by 3.4% during the first quarter. Empirical Finance LLC now owns 8,512 shares of the shipping service provider’s stock worth $2,466,000 after purchasing an additional 277 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in shares of FedEx by 8.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 17,780 shares of the shipping service provider’s stock valued at $5,152,000 after buying an additional 1,441 shares in the last quarter. Hilltop National Bank bought a new stake in shares of FedEx during the 1st quarter worth approximately $476,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of FedEx during the 1st quarter worth approximately $1,667,000. Finally, PFG Advisors increased its stake in FedEx by 17.5% in the first quarter. PFG Advisors now owns 1,263 shares of the shipping service provider’s stock valued at $366,000 after acquiring an additional 188 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

FedEx Price Performance

FDX stock opened at $283.30 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. The firm has a market cap of $69.22 billion, a price-to-earnings ratio of 17.48, a PEG ratio of 1.09 and a beta of 1.17. The company’s fifty day simple moving average is $275.86 and its 200 day simple moving average is $275.26. FedEx Co. has a 12-month low of $234.45 and a 12-month high of $313.84.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a net margin of 4.62% and a return on equity of 15.61%. The business had revenue of $21.58 billion during the quarter, compared to analyst estimates of $21.87 billion. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.55 earnings per share. On average, analysts expect that FedEx Co. will post 19.59 earnings per share for the current year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th were issued a $1.38 dividend. The ex-dividend date was Monday, September 9th. This represents a $5.52 annualized dividend and a yield of 1.95%. FedEx’s payout ratio is currently 34.05%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FDX shares. Daiwa America cut FedEx from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. dropped their price objective on FedEx from $359.00 to $350.00 and set an “overweight” rating for the company in a research report on Friday, September 20th. Stifel Nicolaus decreased their target price on FedEx from $327.00 to $321.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. Evercore ISI dropped their target price on shares of FedEx from $335.00 to $318.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, Raymond James decreased their price target on shares of FedEx from $335.00 to $330.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $314.17.

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.