FedEx Corporation (FDX) Shares Bought by Patten Group Inc.
Patten Group Inc. raised its position in shares of FedEx Corporation (NYSE:FDX) by 700.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 760 shares of the shipping service provider’s stock after buying an additional 665 shares during the period. Patten Group Inc.’s holdings in FedEx Corporation were worth $149,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. FNY Managed Accounts LLC acquired a new stake in shares of FedEx Corporation during the first quarter worth about $100,000. Alexandria Capital LLC boosted its position in shares of FedEx Corporation by 2.1% in the first quarter. Alexandria Capital LLC now owns 527 shares of the shipping service provider’s stock worth $103,000 after buying an additional 11 shares in the last quarter. Pinnacle Bank purchased a new position in shares of FedEx Corporation during the first quarter worth $122,000. Brick & Kyle Associates boosted its position in shares of FedEx Corporation by 1.5% in the first quarter. Brick & Kyle Associates now owns 674 shares of the shipping service provider’s stock worth $132,000 after buying an additional 10 shares in the last quarter. Finally, Guardian Life Insurance Co. of America boosted its position in shares of FedEx Corporation by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 943 shares of the shipping service provider’s stock worth $184,000 after buying an additional 9 shares in the last quarter. Hedge funds and other institutional investors own 76.00% of the company’s stock.
FedEx Corporation (NYSE FDX) traded up 0.68% during midday trading on Wednesday, hitting $210.49. The company had a trading volume of 223,391 shares. FedEx Corporation has a 52 week low of $158.20 and a 52 week high of $219.99. The company has a market capitalization of $56.47 billion, a P/E ratio of 19.01 and a beta of 1.27. The stock has a 50 day moving average price of $212.43 and a 200 day moving average price of $198.92.
FedEx Corporation (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 20th. The shipping service provider reported $4.25 earnings per share for the quarter, topping the consensus estimate of $3.88 by $0.37. FedEx Corporation had a return on equity of 22.19% and a net margin of 4.97%. The firm had revenue of $15.70 billion for the quarter, compared to the consensus estimate of $15.56 billion. During the same period in the prior year, the business posted $3.30 earnings per share. The company’s revenue for the quarter was up 21.0% on a year-over-year basis. Equities analysts forecast that FedEx Corporation will post $13.58 earnings per share for the current fiscal year.
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A number of equities analysts recently weighed in on the company. UBS AG reissued a “buy” rating and set a $235.00 price objective (up from $215.00) on shares of FedEx Corporation in a report on Wednesday, June 21st. Cowen and Company reissued a “buy” rating and set a $240.00 price objective on shares of FedEx Corporation in a report on Thursday, August 10th. BidaskClub cut FedEx Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Credit Suisse Group reissued a “buy” rating and set a $237.00 price objective on shares of FedEx Corporation in a report on Monday, August 7th. Finally, Zacks Investment Research cut FedEx Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. Six equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $221.78.
In other FedEx Corporation news, Director John A. Edwardson sold 2,208 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $208.14, for a total transaction of $459,573.12. Following the transaction, the director now directly owns 30,608 shares in the company, valued at approximately $6,370,749.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John L. Merino sold 7,200 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $211.26, for a total value of $1,521,072.00. Following the transaction, the vice president now owns 33,908 shares in the company, valued at $7,163,404.08. The disclosure for this sale can be found here. Insiders have sold a total of 77,757 shares of company stock worth $16,447,426 over the last 90 days. 8.67% of the stock is currently owned by company insiders.
FedEx Corporation 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.
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