HITE Hedge Asset Management LLC Makes New Investment in FedEx Corporation $FDX

HITE Hedge Asset Management LLC acquired a new position in FedEx Corporation (NYSE:FDX) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 34,025 shares of the shipping service provider’s stock, valued at approximately $9,828,000.

A number of other institutional investors have also added to or reduced their stakes in the company. OneAscent Financial Services LLC lifted its holdings in shares of FedEx by 1.7% in the 4th quarter. OneAscent Financial Services LLC now owns 1,699 shares of the shipping service provider’s stock valued at $491,000 after buying an additional 29 shares during the period. LRI Investments LLC lifted its holdings in shares of FedEx by 5.2% in the 4th quarter. LRI Investments LLC now owns 632 shares of the shipping service provider’s stock valued at $183,000 after buying an additional 31 shares during the period. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of FedEx by 11.9% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 292 shares of the shipping service provider’s stock valued at $84,000 after buying an additional 31 shares during the period. Legacy Bridge LLC lifted its holdings in shares of FedEx by 33.0% in the 4th quarter. Legacy Bridge LLC now owns 133 shares of the shipping service provider’s stock valued at $38,000 after buying an additional 33 shares during the period. Finally, True Wealth Design LLC lifted its holdings in shares of FedEx by 8.2% in the 4th quarter. True Wealth Design LLC now owns 462 shares of the shipping service provider’s stock valued at $133,000 after buying an additional 35 shares during the period. Institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling

In other news, EVP Kawal Preet sold 4,900 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $367.89, for a total value of $1,802,661.00. Following the completion of the transaction, the executive vice president directly owned 10,953 shares of the company’s stock, valued at $4,029,499.17. The trade was a 30.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Gina F. Adams sold 20,450 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $366.45, for a total value of $7,493,902.50. Following the completion of the transaction, the executive vice president directly owned 19,403 shares of the company’s stock, valued at approximately $7,110,229.35. This trade represents a 51.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 48,104 shares of company stock valued at $17,599,006. 0.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FDX has been the subject of several research reports. UBS Group initiated coverage on FedEx in a report on Wednesday, May 27th. They set a “buy” rating and a $445.00 price objective for the company. The Goldman Sachs Group reduced their price objective on FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a report on Monday, June 1st. Zacks Research cut FedEx from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 18th. Raymond James Financial initiated coverage on FedEx in a report on Wednesday, June 3rd. They set an “outperform” rating and a $180.00 price objective for the company. Finally, Barclays reduced their price objective on FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Friday. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and an average target price of $371.45.

FedEx Stock Performance

Shares of FDX stock opened at $337.65 on Friday. The stock has a fifty day moving average price of $371.84 and a 200 day moving average price of $342.64. The stock has a market cap of $80.57 billion, a PE ratio of 17.97, a P/E/G ratio of 1.54 and a beta of 1.28. FedEx Corporation has a 1 year low of $172.88 and a 1 year high of $342.81. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.44 and a current ratio of 1.47.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.12 by $1.13. FedEx had a return on equity of 16.76% and a net margin of 4.88%.The firm had revenue of $24 billion during the quarter, compared to analysts’ expectations of $23.44 billion. During the same period in the previous year, the firm posted $4.51 earnings per share. FedEx’s revenue was up 8.3% on a year-over-year basis. Sell-side analysts forecast that FedEx Corporation will post 19.72 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd will be issued a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, June 22nd. FedEx’s payout ratio is 30.87%.

About FedEx

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.