Crestline Management LP Sells 10,269 Shares of FedEx Co. (NYSE:FDX)

Crestline Management LP cut its position in shares of FedEx Co. (NYSE:FDX) by 37.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,208 shares of the shipping service provider’s stock after selling 10,269 shares during the period. Crestline Management LP’s holdings in FedEx were worth $4,841,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of FedEx during the 4th quarter valued at about $807,352,000. Raymond James Financial Inc. bought a new stake in FedEx during the fourth quarter worth approximately $234,028,000. Dodge & Cox raised its position in FedEx by 5.6% during the fourth quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock valued at $3,907,568,000 after purchasing an additional 734,268 shares during the period. Capital Research Global Investors bought a new stake in shares of FedEx in the 4th quarter valued at approximately $145,733,000. Finally, ACR Alpine Capital Research LLC boosted its holdings in shares of FedEx by 62.9% in the 4th quarter. ACR Alpine Capital Research LLC now owns 852,767 shares of the shipping service provider’s stock worth $239,909,000 after purchasing an additional 329,170 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Trading Down 1.6 %

NYSE FDX opened at $213.44 on Wednesday. FedEx Co. has a 52 week low of $194.30 and a 52 week high of $313.84. The firm has a 50 day moving average of $227.04 and a two-hundred day moving average of $259.09. The stock has a market capitalization of $51.14 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. 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 (NYSE:FDX) last posted its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing the consensus estimate of $4.56 by ($0.05). The business had revenue of $22.16 billion during the quarter, compared to analysts’ expectations of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company earned $3.86 EPS. As a group, research analysts expect that FedEx Co. will post 19.14 EPS for the current fiscal year.

FedEx Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Monday, March 10th. FedEx’s dividend payout ratio (DPR) is 34.63%.

Insider Buying and Selling at FedEx

In other news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total value of $1,499,050.25. Following the completion of the transaction, the chief operating officer now owns 23,347 shares in the company, valued at approximately $5,686,161.85. This represents a 20.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 8.87% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Citigroup lowered their price target on FedEx from $305.00 to $267.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Loop Capital cut shares of FedEx from a “hold” rating to a “sell” rating and dropped their price target for the stock from $283.00 to $221.00 in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of FedEx in a research report on Friday, March 7th. They issued a “buy” rating and a $337.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on FedEx from $323.00 to $280.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Finally, Truist Financial decreased their price target on FedEx from $305.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $297.71.

About FedEx

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.