Brandywine Global Investment Management LLC Grows Holdings in FedEx Corporation $FDX

Brandywine Global Investment Management LLC increased its position in shares of FedEx Corporation (NYSE:FDX) by 69.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 553,129 shares of the shipping service provider’s stock after buying an additional 225,856 shares during the period. FedEx makes up about 1.1% of Brandywine Global Investment Management LLC’s investment portfolio, making the stock its 18th biggest position. Brandywine Global Investment Management LLC’s holdings in FedEx were worth $159,777,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in FedEx by 13.2% in the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider’s stock valued at $5,527,870,000 after acquiring an additional 2,741,723 shares in the last quarter. Dodge & Cox raised its holdings in FedEx by 12.0% in the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider’s stock valued at $3,826,055,000 after acquiring an additional 1,742,666 shares in the last quarter. Geode Capital Management LLC raised its holdings in FedEx by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock valued at $1,443,666,000 after acquiring an additional 45,818 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of FedEx by 5.9% during the third quarter. Franklin Resources Inc. now owns 4,814,938 shares of the shipping service provider’s stock worth $1,135,411,000 after purchasing an additional 269,567 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of FedEx by 3.1% during the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock worth $853,372,000 after purchasing an additional 108,426 shares during the period. 84.47% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting FedEx

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: FedEx Freight’s debut as a separate company drew fresh analyst coverage and upbeat commentary, with some observers calling it a potential “true winner” and a catalyst for value creation at FedEx. FedEx Freight Stock (FDXF) Soars on Fresh Analyst Coverage
• Positive Sentiment: Analysts and market commentators said the spinoff may help FedEx streamline operations and fully launch its Network 2.0 initiative, which could improve margins and long-term earnings power. Is FedEx a Buy Following Its FedEx Freight Spinoff?
• Positive Sentiment: Jim Cramer highlighted the new breakup of FedEx as a long-awaited move that could be viewed favorably by investors looking for a cleaner, more focused company structure. Why Jim Cramer Says Newly Public FedEx Freight Stock Could Be a ‘True Winner’
• Neutral Sentiment: FedEx has recently outperformed some industrial peers, but commentary remains mixed, with valuation concerns and conflicting analyst views keeping enthusiasm in check. FedEx Stock: Is FDX Outperforming the Industrial Sector?
• Negative Sentiment: One FreightWaves report said a FedEx partner airline may face service risk on Caribbean routes without an FAA waiver, which could raise operational uncertainty for parts of the cargo network. FedEx partner airline says Caribbean service at risk without FAA waiver

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FDX shares. TD Cowen increased their target price on shares of FedEx from $383.00 to $426.00 and gave the stock a “buy” rating in a report on Friday, March 20th. HSBC dropped their target price on shares of FedEx from $360.00 to $289.89 and set a “hold” rating on the stock in a report on Monday, June 1st. Rothschild & Co Redburn dropped their target price on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. Evercore cut shares of FedEx from an “outperform” rating to a “cautious” rating in a report on Wednesday, May 27th. Finally, Wells Fargo & Company raised shares of FedEx from an “overweight” rating to an “overweight” rating in a report on Wednesday, May 27th. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and a consensus target price of $372.41.

FedEx Stock Up 0.2%

FDX stock opened at $331.59 on Monday. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.77. FedEx Corporation has a fifty-two week low of $172.88 and a fifty-two week high of $341.14. The firm’s 50-day simple moving average is $373.71 and its 200 day simple moving average is $340.84. The stock has a market cap of $79.12 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.51 and a beta of 1.28.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share for the quarter, topping analysts’ consensus estimates of $4.12 by $1.13. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The business had revenue of $24 billion for the quarter, compared to analysts’ expectations of $23.44 billion. During the same quarter last year, the company earned $4.51 EPS. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, sell-side analysts predict that FedEx Corporation will post 19.72 EPS for the current year.

Insider Activity

In related news, EVP Tracy B. Brightman sold 16,959 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $363.47, for a total value of $6,164,087.73. Following the completion of the transaction, the executive vice president owned 11,052 shares in the company, valued at $4,017,070.44. This represents a 60.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kawal Preet sold 4,900 shares of the stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the completion of the transaction, the executive vice president owned 10,953 shares of the company’s stock, valued at $4,029,499.17. This represents a 30.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 48,104 shares of company stock worth $17,599,006 in the last 90 days. 0.53% of the stock is currently owned by insiders.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.