Beaconlight Capital LLC Makes New $5.41 Million Investment in FedEx Corporation $FDX

Beaconlight Capital LLC acquired a new stake in FedEx Corporation (NYSE:FDX) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 15,201 shares of the shipping service provider’s stock, valued at approximately $5,414,000. FedEx makes up approximately 2.9% of Beaconlight Capital LLC’s portfolio, making the stock its 11th largest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank bought a new position in FedEx in the fourth quarter valued at approximately $859,085,000. Boston Partners acquired a new stake in shares of FedEx in the 3rd quarter valued at approximately $468,195,000. AQR Capital Management LLC grew its stake in shares of FedEx by 169.2% in the third quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock valued at $638,203,000 after buying an additional 1,718,278 shares in the last quarter. Waddell & Associates LLC increased its holdings in FedEx by 164.0% during the fourth quarter. Waddell & Associates LLC now owns 1,188,140 shares of the shipping service provider’s stock worth $343,206,000 after buying an additional 738,122 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in FedEx by 3,211.5% during the third quarter. Two Sigma Investments LP now owns 549,306 shares of the shipping service provider’s stock worth $129,532,000 after buying an additional 532,718 shares during the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on FDX shares. Citizens Jmp initiated coverage on FedEx in a research note on Wednesday, July 15th. They issued a “market outperform” rating and a $375.00 price objective on the stock. The Goldman Sachs Group reduced their target price on FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a research note on Monday, June 1st. Argus boosted their target price on FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Monday, April 6th. Sanford C. Bernstein set a $397.00 price target on FedEx in a report on Wednesday, June 24th. Finally, Raymond James Financial reduced their price objective on shares of FedEx from $415.00 to $330.00 and set an “outperform” rating for the company in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $350.54.

Insider Transactions at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

FedEx Trading Down 0.3%

NYSE FDX opened at $314.77 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. FedEx Corporation has a twelve month low of $172.88 and a twelve month high of $345.36. The company has a market cap of $74.47 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 1.62 and a beta of 1.29. The business’s fifty day moving average is $335.98 and its 200 day moving average is $350.05.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The business had revenue of $23.26 billion during the quarter. As a group, sell-side analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were issued a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx’s payout ratio is presently 26.36%.

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.