Chemical Bank reduced its holdings in FedEx Co. (NYSE:FDX) by 2.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,833 shares of the shipping service provider’s stock after selling 281 shares during the quarter. Chemical Bank’s holdings in FedEx were worth $3,331,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of FDX. BlackRock Inc. grew its stake in FedEx by 0.9% in the second quarter. BlackRock Inc. now owns 15,172,550 shares of the shipping service provider’s stock valued at $3,445,080,000 after acquiring an additional 134,397 shares during the period. FMR LLC grew its stake in FedEx by 4.5% in the second quarter. FMR LLC now owns 4,582,932 shares of the shipping service provider’s stock valued at $1,040,600,000 after acquiring an additional 197,188 shares during the period. Morgan Stanley grew its stake in FedEx by 3.7% in the second quarter. Morgan Stanley now owns 1,577,356 shares of the shipping service provider’s stock valued at $358,156,000 after acquiring an additional 56,831 shares during the period. Dimensional Fund Advisors LP grew its stake in FedEx by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,481,717 shares of the shipping service provider’s stock valued at $336,439,000 after acquiring an additional 8,792 shares during the period. Finally, Bank of Montreal Can grew its stake in FedEx by 8.5% in the third quarter. Bank of Montreal Can now owns 1,036,861 shares of the shipping service provider’s stock valued at $249,665,000 after acquiring an additional 81,315 shares during the period. Institutional investors and hedge funds own 72.79% of the company’s stock.
FDX stock opened at $224.40 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.26 and a current ratio of 1.32. FedEx Co. has a 1-year low of $207.90 and a 1-year high of $274.66. The firm has a market capitalization of $60.95 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.05 and a beta of 1.36.
In other FedEx news, Director John A. Edwardson sold 1,160 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $242.35, for a total value of $281,126.00. Following the transaction, the director now owns 32,800 shares of the company’s stock, valued at $7,949,080. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Susan Patricia Griffith acquired 1,000 shares of the business’s stock in a transaction on Wednesday, October 17th. The stock was acquired at an average cost 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 currently owned by insiders.
A number of equities research analysts have commented on the company. Berenberg Bank assumed coverage on FedEx in a research note on Friday, September 21st. They issued a “buy” rating and a $300.00 price objective for the company. Robert W. Baird lifted their target price on FedEx from $265.00 to $270.00 and gave the company an “outperform” rating in a research report on Tuesday, September 18th. Morgan Stanley reaffirmed a “hold” rating and set a $242.00 target price (down previously from $245.00) on shares of FedEx in a research report on Tuesday, September 18th. Wolfe Research set a $275.00 target price on FedEx and gave the company a “buy” rating in a research report on Tuesday, September 18th. Finally, UBS Group cut FedEx from a “buy” rating to a “neutral” rating and set a $256.00 target price on the stock. in a research report on Monday, July 16th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. FedEx currently has an average rating of “Buy” and an average price target of $284.86.
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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