Norway Savings Bank Reduces Holdings in FedEx Corporation (NYSE:FDX)

Norway Savings Bank trimmed its stake in FedEx Corporation (NYSE:FDX) by 4.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,135 shares of the shipping service provider’s stock after selling 210 shares during the period. Norway Savings Bank’s holdings in FedEx were worth $1,008,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Transce3nd LLC purchased a new stake in FedEx in the fourth quarter worth about $26,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of FedEx in the 4th quarter valued at approximately $28,000. Runnymede Capital Advisors Inc. purchased a new position in shares of FedEx in the 4th quarter valued at approximately $32,000. Accredited Wealth Management LLC purchased a new position in shares of FedEx in the 4th quarter valued at approximately $35,000. Finally, Optiver Holding B.V. purchased a new position in FedEx during the 4th quarter valued at about $39,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other FedEx news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief operating officer now directly owns 23,347 shares of the company’s stock, valued at approximately $5,686,161.85. This represents a 20.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.87% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FDX shares. Jefferies Financial Group upgraded shares of FedEx from a “hold” rating to a “buy” rating and lowered their target price for the company from $300.00 to $275.00 in a report on Monday, March 24th. Raymond James Financial lowered their price objective on FedEx from $320.00 to $290.00 and set an “outperform” rating for the company in a research note on Friday, March 21st. Citigroup lowered their price objective on FedEx from $305.00 to $267.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft assumed coverage on FedEx in a research report on Friday, March 7th. They issued a “buy” rating and a $337.00 price target for the company. Finally, TD Cowen lowered their price target on FedEx from $337.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $292.54.

FedEx Price Performance

Shares of FDX opened at $225.78 on Friday. The firm has a market cap of $54.10 billion, a PE ratio of 14.16, a P/E/G ratio of 1.07 and a beta of 1.35. The company has a current ratio of 1.24, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. FedEx Corporation has a 1-year low of $194.30 and a 1-year high of $313.84. The firm has a fifty day simple moving average of $218.30 and a two-hundred day simple moving average of $244.83.

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

FedEx Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $5.80 annualized dividend and a dividend yield of 2.57%. This is a positive change from FedEx’s previous quarterly dividend of $1.38. FedEx’s dividend payout ratio is presently 34.63%.

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.