I.G. Investment Management LTD. cut its position in shares of FedEx Co. (NYSE:FDX) by 83.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 4,300 shares of the shipping service provider’s stock after selling 21,467 shares during the period. I.G. Investment Management LTD.’s holdings in FedEx were worth $801,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Adirondack Trust Co. boosted its stake in FedEx by 15.0% in the third quarter. Adirondack Trust Co. now owns 652 shares of the shipping service provider’s stock worth $114,000 after buying an additional 85 shares in the last quarter. Brick & Kyle Associates boosted its stake in FedEx by 2.2% in the third quarter. Brick & Kyle Associates now owns 664 shares of the shipping service provider’s stock worth $116,000 after buying an additional 14 shares in the last quarter. Coconut Grove Bank boosted its stake in FedEx by 2.2% in the third quarter. Coconut Grove Bank now owns 758 shares of the shipping service provider’s stock worth $133,000 after buying an additional 16 shares in the last quarter. Advantage Investment Management LLC bought a new stake in FedEx during the fourth quarter worth about $157,000. Finally, Ancora Advisors LLC bought a new stake in FedEx during the fourth quarter worth about $157,000. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
Shares of FedEx Co. (NYSE:FDX) opened at 188.12 on Friday. The firm’s 50-day moving average is $192.34 and its 200-day moving average is $184.38. The stock has a market capitalization of $50.14 billion, a price-to-earnings ratio of 27.64 and a beta of 1.14. FedEx Co. has a 52 week low of $145.00 and a 52 week high of $201.57.
FedEx (NYSE:FDX) last posted its earnings results on Tuesday, March 21st. The shipping service provider reported $2.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.62 by $0.27. The firm earned $15 billion during the quarter, compared to analyst estimates of $15 billion. FedEx had a net margin of 3.35% and a return on equity of 22.02%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the company posted $2.51 EPS. On average, equities research analysts anticipate that FedEx Co. will post $12.00 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Monday, March 13th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Thursday, March 9th. FedEx’s dividend payout ratio (DPR) is 23.46%.
ILLEGAL ACTIVITY NOTICE: “FedEx Co. (FDX) Shares Sold by I.G. Investment Management LTD.” was first published by Web Breaking News and is owned by of Web Breaking News. If you are accessing this piece on another site, it was illegally copied and republished in violation of international copyright and trademark laws. The correct version of this piece can be read at http://www.webbreakingnews.com/2017/03/25/fedex-co-fdx-shares-sold-by-i-g-investment-management-ltd.html.
Several equities research analysts have issued reports on the stock. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $210.00 target price (up previously from $184.00) on shares of FedEx in a research note on Wednesday, December 14th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $233.00 target price on shares of FedEx in a research note on Wednesday, December 21st. Credit Suisse Group AG set a $205.00 target price on shares of FedEx and gave the stock a “buy” rating in a research note on Wednesday, December 21st. Morgan Stanley set a $135.00 target price on shares of FedEx and gave the stock a “neutral” rating in a research note on Wednesday, December 21st. Finally, Vetr cut shares of FedEx from a “buy” rating to a “hold” rating and set a $200.57 target price on the stock. in a research note on Tuesday, December 20th. Five analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $203.85.
In other FedEx news, EVP Robert B. Carter sold 34,580 shares of the company’s stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $191.22, for a total value of $6,612,387.60. Following the sale, the executive vice president now owns 77,062 shares of the company’s stock, valued at $14,735,795.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.67% of the stock is currently owned by corporate insiders.
FedEx Company Profile
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
Want to see what other hedge funds are holding FDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FedEx Co. (NYSE:FDX).
Receive News & Ratings for FedEx Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FedEx Co. and related companies with MarketBeat.com's FREE daily email newsletter.