Summit Securities Group LLC Invests $338,000 in FedEx Co. (NYSE:FDX)

Summit Securities Group LLC purchased a new stake in FedEx Co. (NYSE:FDX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,200 shares of the shipping service provider’s stock, valued at approximately $338,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new position in FedEx in the 4th quarter worth approximately $807,352,000. Raymond James Financial Inc. purchased a new position in shares of FedEx in the 4th quarter worth about $234,028,000. ACR Alpine Capital Research LLC raised its holdings in shares of FedEx by 62.9% during the 4th quarter. ACR Alpine Capital Research LLC now owns 852,767 shares of the shipping service provider’s stock valued at $239,909,000 after buying an additional 329,170 shares in the last quarter. Bryn Mawr Capital Management LLC lifted its position in FedEx by 22,317.0% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 322,580 shares of the shipping service provider’s stock worth $90,751,000 after buying an additional 321,141 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in FedEx by 8.6% in the third quarter. Franklin Resources Inc. now owns 3,975,531 shares of the shipping service provider’s stock worth $1,042,050,000 after buying an additional 314,380 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FDX. Wells Fargo & Company lowered their price objective on shares of FedEx from $275.00 to $260.00 and set an “equal weight” rating for the company in a report on Friday, March 21st. JPMorgan Chase & Co. reduced their price objective on FedEx from $323.00 to $280.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Oppenheimer restated a “market perform” rating on shares of FedEx in a report on Friday, March 21st. Bank of America decreased their price target on FedEx from $295.00 to $272.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Finally, Stifel Nicolaus lowered their price objective on shares of FedEx from $364.00 to $354.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average price target of $302.71.

FedEx Price Performance

Shares of NYSE FDX opened at $241.75 on Friday. The company has a 50 day moving average of $256.59 and a 200 day moving average of $270.98. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. FedEx Co. has a twelve month low of $217.22 and a twelve month high of $313.84. The firm has a market cap of $57.92 billion, a P/E ratio of 15.41, a PEG ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). FedEx had a net margin of 4.45% and a return on equity of 15.59%. The business had revenue of $22.16 billion for the quarter, compared to the consensus estimate of $21.96 billion. During the same period in the previous year, the company earned $3.86 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, research analysts expect that FedEx Co. will post 19.14 EPS for the current fiscal year.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be given a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Monday, March 10th. FedEx’s dividend payout ratio (DPR) is presently 34.63%.

Insider Buying and Selling at FedEx

In other news, EVP John W. Dietrich bought 1,000 shares of the stock in a transaction on Tuesday, January 7th. The shares were bought at an average price of $273.98 per share, with a total value of $273,980.00. Following the completion of the acquisition, the executive vice president now owns 9,067 shares in the company, valued at $2,484,176.66. The trade was a 12.40 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Susan C. Schwab sold 3,980 shares of the business’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the sale, the director now owns 8,904 shares of the company’s stock, valued at approximately $2,461,510.80. This represents a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,711 shares of company stock worth $3,312,693. Insiders own 8.87% of the company’s stock.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.