KLP Kapitalforvaltning AS Invests $22.16 Million in FedEx Co. (NYSE:FDX)

KLP Kapitalforvaltning AS purchased a new position in shares of FedEx Co. (NYSE:FDX - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 78,460 shares of the shipping service provider's stock, valued at approximately $22,164,000.

Other institutional investors have also modified their holdings of the company. Citizens Financial Group Inc. RI raised its holdings in FedEx by 3.0% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 1,308 shares of the shipping service provider's stock valued at $360,000 after acquiring an additional 38 shares during the last quarter. Cetera Trust Company N.A increased its stake in FedEx by 0.5% in the fourth quarter. Cetera Trust Company N.A now owns 7,925 shares of the shipping service provider's stock valued at $2,230,000 after purchasing an additional 40 shares during the last quarter. Griffin Asset Management Inc. lifted its position in FedEx by 0.4% during the fourth quarter. Griffin Asset Management Inc. now owns 10,365 shares of the shipping service provider's stock worth $2,916,000 after buying an additional 40 shares during the period. Aviso Financial Inc. boosted its stake in FedEx by 1.2% in the 4th quarter. Aviso Financial Inc. now owns 3,400 shares of the shipping service provider's stock worth $957,000 after buying an additional 40 shares during the last quarter. Finally, Richard P Slaughter Associates Inc grew its holdings in FedEx by 0.5% in the 4th quarter. Richard P Slaughter Associates Inc now owns 8,107 shares of the shipping service provider's stock valued at $2,281,000 after buying an additional 42 shares during the period. Institutional investors and hedge funds own 84.47% of the company's stock.

Remove Ads

Insider Activity

In related news, CEO Richard W. Smith sold 2,576 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total value of $713,371.68. Following the sale, the chief executive officer now owns 111,886 shares of the company's stock, valued at $30,984,589.98. This trade represents a 2.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John W. Dietrich bought 1,000 shares of FedEx stock in a transaction on Tuesday, January 7th. The shares were purchased at an average cost 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 in the company, valued at $2,484,176.66. This trade represents a 12.40 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 8.87% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Sanford C. Bernstein cut shares of FedEx from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $337.00 to $316.00 in a research report on Tuesday, December 3rd. Jefferies Financial Group upgraded FedEx from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $300.00 to $275.00 in a report on Monday. Stephens cut their price objective on FedEx from $320.00 to $300.00 and set an "overweight" rating on the stock in a report on Friday, March 21st. Citigroup dropped their target price on shares of FedEx from $347.00 to $317.00 and set a "buy" rating for the company in a research report on Tuesday, March 18th. Finally, Truist Financial initiated coverage on shares of FedEx in a research note on Thursday, March 13th. They set a "buy" rating and a $305.00 price objective for the company. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, FedEx currently has an average rating of "Moderate Buy" and an average price target of $300.60.

FedEx Stock Up 0.2 %

FedEx stock traded up $0.59 during midday trading on Thursday, hitting $244.26. The stock had a trading volume of 1,674,198 shares, compared to its average volume of 1,679,806. The business has a fifty day moving average price of $257.92 and a 200 day moving average price of $271.55. FedEx Co. has a 12 month low of $217.22 and a 12 month high of $313.84. The stock has a market cap of $58.83 billion, a P/E ratio of 15.57, a P/E/G ratio of 1.11 and a beta of 1.23. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.56 by ($0.05). FedEx had a net margin of 4.45% and a return on equity of 15.59%. The firm had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. During the same period in the prior year, the company posted $3.86 earnings per share. The business's revenue was up 1.9% on a year-over-year basis. Research analysts predict that FedEx Co. will post 19.14 EPS for the current year.

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be paid 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 2.26%. FedEx's payout ratio is currently 34.63%.

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.