Cullen Frost Bankers Inc. lessened its holdings in FedEx Co. (NYSE:FDX) by 6.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,181 shares of the shipping service provider’s stock after selling 393 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in FedEx were worth $1,488,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Palo Capital Inc. acquired a new position in FedEx in the third quarter worth $108,000. Vigilant Capital Management LLC acquired a new position in FedEx in the second quarter worth $114,000. Moneta Group Investment Advisors LLC boosted its holdings in FedEx by 14,117.1% in the second quarter. Moneta Group Investment Advisors LLC now owns 63,835 shares of the shipping service provider’s stock worth $114,000 after purchasing an additional 63,386 shares during the period. Fortis Advisors LLC boosted its holdings in FedEx by 278.2% in the second quarter. Fortis Advisors LLC now owns 503 shares of the shipping service provider’s stock worth $115,000 after purchasing an additional 370 shares during the period. Finally, Lenox Wealth Advisors LLC acquired a new position in FedEx in the third quarter worth $120,000. 72.91% of the stock is owned by hedge funds and other institutional investors.
In related news, Director John A. Edwardson sold 1,160 shares of FedEx stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total transaction of $281,126.00. Following the sale, the director now directly owns 32,800 shares in the company, valued at $7,949,080. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Susan Patricia Griffith acquired 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 17th. The shares were bought at an average price of $225.16 per share, for a total transaction of $225,160.00. The disclosure for this purchase can be found here. 8.45% of the stock is owned by insiders.
FedEx (NYSE:FDX) last issued its quarterly earnings data on Monday, September 17th. The shipping service provider reported $3.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.78 by ($0.32). FedEx had a net margin of 7.16% and a return on equity of 23.71%. The company had revenue of $17.05 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. FedEx’s revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, analysts predict that FedEx Co. will post 17.35 earnings per share for the current fiscal year.
Several equities analysts have recently issued reports on the stock. Berenberg Bank assumed coverage on shares of FedEx in a report on Friday, September 21st. They set a “buy” rating and a $300.00 price target for the company. Robert W. Baird boosted their price target on shares of FedEx from $265.00 to $270.00 and gave the company an “outperform” rating in a report on Tuesday, September 18th. Morgan Stanley reissued a “hold” rating and set a $242.00 price target (down previously from $245.00) on shares of FedEx in a report on Tuesday, September 18th. Wolfe Research set a $275.00 price target on shares of FedEx and gave the company a “buy” rating in a report on Tuesday, September 18th. Finally, UBS Group downgraded shares of FedEx from a “buy” rating to a “neutral” rating and set a $256.00 price target for the company. in a report on Monday, July 16th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $285.18.
FedEx Company Profile
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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