Laurel Grove Capital LLC increased its stake in FedEx Co. (NYSE:FDX) by 10.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,710 shares of the shipping service provider’s stock after purchasing an additional 2,170 shares during the quarter. FedEx comprises about 2.9% of Laurel Grove Capital LLC’s holdings, making the stock its 7th largest position. Laurel Grove Capital LLC’s holdings in FedEx were worth $5,709,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in FDX. Vigilant Capital Management LLC purchased a new position in FedEx during the second quarter worth about $114,000. Lenox Wealth Advisors LLC purchased a new position in FedEx during the third quarter worth about $120,000. Fortis Advisors LLC grew its position in FedEx by 278.2% during the second quarter. Fortis Advisors LLC now owns 503 shares of the shipping service provider’s stock worth $115,000 after buying an additional 370 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in FedEx during the second quarter worth about $129,000. Finally, IMA Wealth Inc. purchased a new position in FedEx during the second quarter worth about $136,000. Institutional investors own 72.77% of the company’s stock.
In other news, Director John A. Edwardson sold 1,160 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $242.35, for a total value of $281,126.00. Following the completion of the sale, the director now owns 32,800 shares of the company’s stock, valued at approximately $7,949,080. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 8.50% of the company’s stock.
FDX opened at $221.00 on Friday. FedEx Co. has a 12-month low of $214.17 and a 12-month high of $274.66. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.32 and a quick ratio of 1.26. The stock has a market capitalization of $63.45 billion, a PE ratio of 14.44, a PEG ratio of 1.09 and a beta of 1.44.
FedEx (NYSE:FDX) last posted its quarterly earnings data on Monday, September 17th. The shipping service provider reported $3.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.78 by ($0.32). FedEx had a return on equity of 23.71% and a net margin of 7.16%. The firm had revenue of $17.05 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the previous year, the company posted $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, equities research analysts expect that FedEx Co. will post 17.36 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Monday, September 10th were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Friday, September 7th. FedEx’s dividend payout ratio (DPR) is presently 16.98%.
Several equities analysts recently commented on FDX shares. Zacks Investment Research cut FedEx from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. Berenberg Bank started coverage on FedEx in a research report on Friday, September 21st. They set a “buy” rating and a $300.00 target price for the company. Morgan Stanley restated a “hold” rating and set a $242.00 target price (down from $245.00) on shares of FedEx in a research report on Tuesday, September 18th. JPMorgan Chase & Co. restated a “buy” rating and set a $305.00 target price on shares of FedEx in a research report on Tuesday, September 18th. Finally, Wolfe Research set a $275.00 target price on FedEx and gave the stock a “buy” rating in a research report on Tuesday, September 18th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $285.27.
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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