Arrowstreet Capital Limited Partnership Decreases Position in FedEx Corporation $FDX

Arrowstreet Capital Limited Partnership lessened its holdings in FedEx Corporation (NYSE:FDX) by 7.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 914,051 shares of the shipping service provider’s stock after selling 71,155 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in FedEx were worth $264,033,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in FedEx by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider’s stock worth $5,527,870,000 after purchasing an additional 2,741,723 shares during the period. Dodge & Cox increased its position in shares of 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 during the period. State Street Corp increased its position in shares of FedEx by 4.2% in the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock valued at $2,763,824,000 after acquiring an additional 382,848 shares during the period. Franklin Resources Inc. increased its position in shares of FedEx by 6.6% in the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock valued at $1,482,785,000 after acquiring an additional 318,293 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of 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 during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FDX. Stephens restated an “overweight” rating and issued a $435.00 price objective on shares of FedEx in a research report on Tuesday, April 14th. Zacks Research cut shares of FedEx from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 18th. TD Cowen boosted their price target on shares of FedEx from $383.00 to $426.00 and gave the company a “buy” rating in a research report on Friday, March 20th. Susquehanna boosted their price target on shares of FedEx from $410.00 to $455.00 and gave the company a “positive” rating in a research report on Friday, March 20th. Finally, Wolfe Research reduced their price target on shares of FedEx from $427.00 to $423.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 7th. Eighteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $371.45.

Insider Activity

In other news, EVP Gina F. Adams sold 20,450 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $366.45, for a total value of $7,493,902.50. Following the transaction, the executive vice president owned 19,403 shares in the company, valued at approximately $7,110,229.35. This represents a 51.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Susan C. Schwab sold 5,795 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the completion of the transaction, the director owned 10,038 shares in the company, valued at approximately $3,704,022. This represents a 36.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 48,104 shares of company stock worth $17,599,006. Corporate insiders own 0.53% of the company’s stock.

FedEx Trading Down 0.2%

NYSE:FDX opened at $337.65 on Monday. FedEx Corporation has a one year low of $172.88 and a one year high of $342.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44. The company’s 50-day simple moving average is $371.84 and its 200 day simple moving average is $343.17. The firm has a market capitalization of $80.57 billion, a P/E ratio of 17.97, a PEG ratio of 1.54 and a beta of 1.28.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $23.44 billion. During the same quarter in the previous year, the firm posted $4.51 earnings per share. FedEx’s quarterly revenue was up 8.3% on a year-over-year basis. As a group, analysts forecast that FedEx Corporation will post 19.78 EPS for the current fiscal year.

FedEx Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd will be paid a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Monday, June 22nd. FedEx’s dividend payout ratio is currently 30.87%.

FedEx 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.