Traders Buy FedEx Corp. (FDX) on Weakness After Insider Selling
Investors purchased shares of FedEx Corp. (NYSE:FDX) on weakness during trading hours on Thursday after an insider sold shares in the company. $59.04 million flowed into the stock on the tick-up and $41.35 million flowed out of the stock on the tick-down, for a money net flow of $17.69 million into the stock. Of all stocks tracked, FedEx Corp. had the 18th highest net in-flow for the day. FedEx Corp. traded down ($0.54) for the day and closed at $173.54Specifically, CEO David J. Bronczek sold 32,669 shares of FedEx Corp. stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $176.30, for a total value of $5,759,544.70. Following the completion of the sale, the chief executive officer now owns 85,356 shares of the company’s stock, valued at approximately $15,048,262.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Christine P. Richards sold 80,080 shares of FedEx Corp. stock in a transaction dated Monday, October 10th. The stock was sold at an average price of $173.59, for a total value of $13,901,087.20. Following the completion of the sale, the executive vice president now directly owns 98,620 shares of the company’s stock, valued at approximately $17,119,445.80. The disclosure for this sale can be found here. Insiders own 8.67% of the company’s stock.
Several equities research analysts recently weighed in on the company. Vetr lowered FedEx Corp. from a “buy” rating to a “hold” rating and set a $179.94 price objective for the company. in a report on Tuesday, September 27th. Citigroup Inc. reissued a “buy” rating on shares of FedEx Corp. in a report on Thursday, September 22nd. Zacks Investment Research raised FedEx Corp. from a “sell” rating to a “hold” rating in a report on Thursday, September 22nd. Robert W. Baird reissued an “outperform” rating and issued a $185.00 price objective on shares of FedEx Corp. in a report on Friday, September 23rd. Finally, Royal Bank Of Canada lifted their price objective on FedEx Corp. from $158.00 to $174.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 22nd. Ten investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. FedEx Corp. has a consensus rating of “Buy” and a consensus target price of $176.59.
The firm has a market capitalization of $45.43 billion, a P/E ratio of 25.57 and a beta of 1.28. The company’s 50-day moving average price is $168.49 and its 200 day moving average price is $163.54.
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FedEx Corp. (NYSE:FDX) last released its quarterly earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.09. The business earned $14.70 billion during the quarter. FedEx Corp. had a return on equity of 21.65% and a net margin of 3.49%. The business’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.42 EPS. Analysts expect that FedEx Corp. will post $12.14 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Monday, September 12th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.94%. The ex-dividend date was Thursday, September 8th. FedEx Corp.’s dividend payout ratio is presently 23.99%.
A number of institutional investors have recently added to or reduced their stakes in FDX. First Personal Financial Services boosted its position in FedEx Corp. by 18.6% in the second quarter. First Personal Financial Services now owns 708 shares of the shipping service provider’s stock valued at $107,000 after buying an additional 111 shares in the last quarter. Glassman Wealth Services boosted its position in FedEx Corp. by 200.6% in the second quarter. Glassman Wealth Services now owns 974 shares of the shipping service provider’s stock valued at $148,000 after buying an additional 650 shares in the last quarter. Invictus RG purchased a new position in FedEx Corp. during the first quarter valued at $161,000. Beese Fulmer Investment Management Inc. boosted its position in FedEx Corp. by 2.5% in the second quarter. Beese Fulmer Investment Management Inc. now owns 1,319 shares of the shipping service provider’s stock valued at $200,000 after buying an additional 32 shares in the last quarter. Finally, HBK Sorce Advisory LLC purchased a new position in FedEx Corp. during the second quarter valued at $202,000. Institutional investors and hedge funds own 73.73% of the company’s stock.
About FedEx Corp.
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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