Investment Management Corp of Ontario Cuts Stock Holdings in FedEx Co. (NYSE:FDX)

Investment Management Corp of Ontario trimmed its holdings in FedEx Co. (NYSE:FDX - Free Report) by 32.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,850 shares of the shipping service provider's stock after selling 4,233 shares during the quarter. Investment Management Corp of Ontario's holdings in FedEx were worth $2,422,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Ameriprise Financial Inc. raised its holdings in shares of FedEx by 34.6% in the second quarter. Ameriprise Financial Inc. now owns 2,248,137 shares of the shipping service provider's stock worth $674,336,000 after buying an additional 578,350 shares during the period. Dimensional Fund Advisors LP increased its holdings in FedEx by 5.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,182,504 shares of the shipping service provider's stock worth $654,312,000 after purchasing an additional 121,240 shares during the period. Hotchkis & Wiley Capital Management LLC increased its holdings in FedEx by 0.7% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,699,179 shares of the shipping service provider's stock worth $465,031,000 after purchasing an additional 11,100 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in FedEx by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,451,576 shares of the shipping service provider's stock worth $397,267,000 after purchasing an additional 13,093 shares during the period. Finally, Sentry LLC increased its holdings in FedEx by 0.5% during the 2nd quarter. Sentry LLC now owns 1,219,405 shares of the shipping service provider's stock worth $365,626,000 after purchasing an additional 6,657 shares during the period. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Stock Performance

Shares of FDX stock traded down $3.90 on Thursday, hitting $279.53. The company had a trading volume of 1,511,545 shares, compared to its average volume of 1,795,369. The firm has a market cap of $68.30 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. The company has a 50-day moving average price of $279.55 and a 200-day moving average price of $279.60. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. FedEx Co. has a twelve month low of $234.45 and a twelve month high of $313.84.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $21.87 billion. During the same quarter in the prior year, the firm earned $4.55 EPS. FedEx's revenue for the quarter was down .5% on a year-over-year basis. As a group, equities research analysts predict that FedEx Co. will post 19.59 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be paid a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $5.52 annualized dividend and a yield of 1.97%. FedEx's dividend payout ratio (DPR) is currently 34.05%.

Analysts Set New Price Targets

Several research analysts have commented on FDX shares. BMO Capital Markets reduced their price objective on FedEx from $325.00 to $300.00 and set a "market perform" rating on the stock in a report on Friday, September 20th. Daiwa America downgraded FedEx from a "moderate buy" rating to a "hold" rating in a report on Wednesday, September 11th. StockNews.com downgraded FedEx from a "buy" rating to a "hold" rating in a report on Tuesday. Sanford C. Bernstein downgraded FedEx from an "outperform" rating to a "market perform" rating and cut their price target for the company from $337.00 to $316.00 in a report on Tuesday. Finally, Morgan Stanley downgraded FedEx from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $215.00 to $200.00 in a report on Friday, September 20th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $316.68.

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.