FedEx Corporation (FDX) Earns “Buy” Rating from Bank of America Corporation
FedEx Corporation (NYSE:FDX)‘s stock had its “buy” rating reissued by Bank of America Corporation in a research note issued to investors on Friday. They currently have a $247.00 target price on the shipping service provider’s stock, up from their previous target price of $240.00. Bank of America Corporation’s price objective would suggest a potential upside of 11.87% from the stock’s previous close.
FDX has been the subject of a number of other research reports. Vetr downgraded shares of FedEx Corporation to a “sell” rating and set a $204.84 price objective for the company. in a research report on Thursday, August 31st. Stifel Nicolaus raised their price objective on shares of FedEx Corporation from $194.00 to $216.00 and gave the company a “hold” rating in a research report on Monday, June 12th. BMO Capital Markets restated a “buy” rating and issued a $245.00 price objective on shares of FedEx Corporation in a research report on Wednesday, September 6th. BidaskClub downgraded shares of FedEx Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research downgraded shares of FedEx Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $225.71.
Shares of FedEx Corporation (FDX) traded down 0.37% during trading on Friday, hitting $220.80. The company had a trading volume of 782,975 shares. The firm has a market capitalization of $59.21 billion, a P/E ratio of 20.82 and a beta of 1.31. FedEx Corporation has a 52-week low of $168.00 and a 52-week high of $227.00. The stock’s 50-day moving average is $215.00 and its 200 day moving average is $204.70. FedEx Corporation also was the recipient of some unusual options trading activity on Wednesday. Investors bought 12,915 put options on the company. This represents an increase of approximately 309% compared to the typical volume of 3,161 put options.
FedEx Corporation (NYSE:FDX) last announced its quarterly earnings data on Tuesday, September 19th. The shipping service provider reported $2.51 EPS for the quarter, missing the Zacks’ consensus estimate of $3.17 by ($0.66). The firm had revenue of $15.30 billion during the quarter, compared to analyst estimates of $15.35 billion. FedEx Corporation had a net margin of 4.72% and a return on equity of 20.69%. FedEx Corporation’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.90 EPS. Equities research analysts predict that FedEx Corporation will post $12.47 earnings per share for the current fiscal year.
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In other FedEx Corporation news, CEO Michael L. Ducker sold 14,964 shares of FedEx Corporation stock in a transaction on Friday, September 29th. The shares were sold at an average price of $225.85, for a total value of $3,379,619.40. Following the transaction, the chief executive officer now owns 53,397 shares in the company, valued at approximately $12,059,712.45. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John A. Edwardson sold 2,208 shares of FedEx Corporation stock in a transaction on Monday, July 31st. The shares were sold at an average price of $208.14, for a total transaction of $459,573.12. Following the completion of the transaction, the director now owns 30,608 shares in the company, valued at approximately $6,370,749.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,172 shares of company stock worth $6,039,193. 8.45% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Pensionfund Sabic acquired a new position in shares of FedEx Corporation in the 3rd quarter valued at $2,369,000. Pensionfund DSM Netherlands acquired a new position in shares of FedEx Corporation during the 3rd quarter valued at $4,286,000. Neville Rodie & Shaw Inc. lifted its holdings in shares of FedEx Corporation by 5.4% during the 3rd quarter. Neville Rodie & Shaw Inc. now owns 29,072 shares of the shipping service provider’s stock valued at $6,558,000 after acquiring an additional 1,477 shares in the last quarter. Curbstone Financial Management Corp lifted its holdings in shares of FedEx Corporation by 145.4% during the 3rd quarter. Curbstone Financial Management Corp now owns 3,482 shares of the shipping service provider’s stock valued at $785,000 after acquiring an additional 2,063 shares in the last quarter. Finally, Bath Savings Trust Co acquired a new position in shares of FedEx Corporation during the 3rd quarter valued at $865,000. Institutional investors own 75.89% of the company’s stock.
FedEx Corporation Company Profile
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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