Cottage Street Advisors LLC Sells 115 Shares of FedEx Corporation (NYSE:FDX)

Cottage Street Advisors LLC decreased its holdings in shares of FedEx Corporation (NYSE:FDX) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,522 shares of the shipping service provider’s stock after selling 115 shares during the period. Cottage Street Advisors LLC’s holdings in FedEx were worth $1,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. North Growth Management Ltd. grew its position in shares of FedEx by 3.0% during the 1st quarter. North Growth Management Ltd. now owns 34,000 shares of the shipping service provider’s stock valued at $8,196,000 after acquiring an additional 1,000 shares during the period. Evanson Asset Management LLC grew its position in shares of FedEx by 6.0% during the 1st quarter. Evanson Asset Management LLC now owns 879 shares of the shipping service provider’s stock valued at $214,000 after acquiring an additional 50 shares during the period. DMKC Advisory Services LLC grew its position in shares of FedEx by 1.6% during the 1st quarter. DMKC Advisory Services LLC now owns 7,283 shares of the shipping service provider’s stock valued at $1,775,000 after acquiring an additional 118 shares during the period. Cantor Fitzgerald Investment Advisors L.P. grew its position in shares of FedEx by 0.6% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 11,265 shares of the shipping service provider’s stock valued at $2,746,000 after acquiring an additional 68 shares during the period. Finally, Citizens & Northern Corp boosted its holdings in FedEx by 6.0% in the 1st quarter. Citizens & Northern Corp now owns 4,852 shares of the shipping service provider’s stock worth $1,183,000 after buying an additional 273 shares during the period. Institutional investors own 84.47% of the company’s stock.

FedEx Stock Up 1.1%

Shares of NYSE FDX opened at $225.78 on Friday. The firm’s 50-day moving average price is $218.30 and its 200-day moving average price is $244.83. The company has a current ratio of 1.24, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $54.10 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 1.07 and a beta of 1.35. FedEx Corporation has a 12-month low of $194.30 and a 12-month high of $313.84.

FedEx (NYSE:FDX) last announced its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.56 by ($0.05). The business had revenue of $22.16 billion for the quarter, compared to analysts’ expectations of $21.96 billion. FedEx had a net margin of 4.46% and a return on equity of 16.00%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.86 earnings per share. On average, equities research analysts anticipate that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd will be given a dividend of $1.45 per share. This represents a $5.80 annualized dividend and a dividend yield of 2.57%. This is a boost from FedEx’s previous quarterly dividend of $1.38. The ex-dividend date is Monday, June 23rd. FedEx’s dividend payout ratio is currently 34.63%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FDX. Stephens reaffirmed an “overweight” rating and issued a $300.00 target price on shares of FedEx in a report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft began coverage on shares of FedEx in a report on Friday, March 7th. They issued a “buy” rating and a $337.00 target price for the company. Loop Capital downgraded shares of FedEx from a “hold” rating to a “sell” rating and dropped their target price for the stock from $283.00 to $221.00 in a report on Friday, March 21st. Barclays dropped their target price on shares of FedEx from $350.00 to $330.00 and set an “overweight” rating for the company in a report on Tuesday, June 3rd. Finally, BMO Capital Markets dropped their target price on shares of FedEx from $275.00 to $260.00 and set a “market perform” rating for the company in a report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.54.

Insider Activity

In other news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the sale, the chief operating officer now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.87% of the company’s stock.

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.