Summit Securities Group LLC Takes Position in FedEx Co. (NYSE:FDX)

Summit Securities Group LLC bought a new position in FedEx Co. (NYSE:FDX - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,200 shares of the shipping service provider's stock, valued at approximately $338,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in FedEx by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 20,199,506 shares of the shipping service provider's stock worth $5,682,727,000 after acquiring an additional 56,236 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of FedEx by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,689,791 shares of the shipping service provider's stock worth $1,281,335,000 after purchasing an additional 67,502 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of FedEx by 8.6% in the third quarter. Franklin Resources Inc. now owns 3,975,531 shares of the shipping service provider's stock worth $1,042,050,000 after buying an additional 314,380 shares during the period. Norges Bank bought a new stake in FedEx during the 4th quarter valued at $807,352,000. Finally, Hotchkis & Wiley Capital Management LLC boosted its position 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 valued at $465,031,000 after buying an additional 11,100 shares during the period. 84.47% of the stock is currently owned by institutional investors.

Insider Activity

In other FedEx news, COO John Alan Smith sold 6,155 shares of the business's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the completion of the sale, the chief operating officer now directly owns 23,347 shares in the company, valued at $5,686,161.85. The trade was a 20.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John W. Dietrich bought 1,000 shares of the business's stock in a transaction that occurred on Tuesday, January 7th. The shares were acquired at an average price of $273.98 per share, with a total value of $273,980.00. Following the completion of the transaction, the executive vice president now directly owns 9,067 shares of the company's stock, valued at $2,484,176.66. This trade represents a 12.40 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 12,711 shares of company stock valued at $3,312,693 in the last ninety days. 8.87% of the stock is currently owned by company insiders.

FedEx Stock Down 9.5 %

Shares of FDX traded down $23.25 on Thursday, hitting $221.92. 2,070,984 shares of the stock traded hands, compared to its average volume of 1,858,116. FedEx Co. has a one year low of $217.22 and a one year high of $313.84. The company has a market capitalization of $53.17 billion, a PE ratio of 14.14, a P/E/G ratio of 1.11 and a beta of 1.23. The business has a 50 day simple moving average of $254.79 and a 200 day simple moving average of $270.10. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23.

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

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were given a dividend of $1.38 per share. The ex-dividend date was Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a yield of 2.49%. FedEx's dividend payout ratio (DPR) is 34.63%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Raymond James lowered their price objective on shares of FedEx from $320.00 to $290.00 and set an "outperform" rating for the company in a research note on Friday, March 21st. Piper Sandler cut FedEx to a "neutral" rating in a report on Monday, February 3rd. BMO Capital Markets reduced their target price on FedEx from $330.00 to $275.00 and set a "market perform" rating on the stock in a research note on Friday, March 21st. Wells Fargo & Company decreased their target price on FedEx from $275.00 to $260.00 and set an "equal weight" rating for the company in a report on Friday, March 21st. Finally, StockNews.com upgraded shares of FedEx from a "hold" rating to a "buy" rating in a report on Friday, December 20th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, FedEx presently has a consensus rating of "Moderate Buy" and an average target price of $302.71.

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.