First Mercantile Trust Co. Reduces Holdings in FedEx Co. (FDX)
First Mercantile Trust Co. lessened its stake in FedEx Co. (NYSE:FDX) by 13.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,988 shares of the shipping service provider’s stock after selling 2,124 shares during the quarter. FedEx makes up 0.7% of First Mercantile Trust Co.’s holdings, making the stock its 23rd largest position. First Mercantile Trust Co.’s holdings in FedEx were worth $3,490,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in FDX. Strategic Advisors LLC grew its position in FedEx by 16.7% in the second quarter. Strategic Advisors LLC now owns 2,138 shares of the shipping service provider’s stock worth $465,000 after acquiring an additional 306 shares in the last quarter. Stevens Capital Management LP grew its position in FedEx by 60.6% in the second quarter. Stevens Capital Management LP now owns 39,340 shares of the shipping service provider’s stock worth $8,550,000 after acquiring an additional 14,845 shares in the last quarter. Vanguard Group Inc. grew its position in FedEx by 2.7% in the second quarter. Vanguard Group Inc. now owns 18,490,065 shares of the shipping service provider’s stock worth $4,018,446,000 after acquiring an additional 492,840 shares in the last quarter. Prudential PLC grew its position in FedEx by 25.8% in the second quarter. Prudential PLC now owns 52,403 shares of the shipping service provider’s stock worth $11,389,000 after acquiring an additional 10,753 shares in the last quarter. Finally, Sirios Capital Management L P grew its position in FedEx by 12.3% in the third quarter. Sirios Capital Management L P now owns 589,149 shares of the shipping service provider’s stock worth $132,901,000 after acquiring an additional 64,637 shares in the last quarter. Hedge funds and other institutional investors own 76.23% of the company’s stock.
Shares of FedEx Co. (NYSE:FDX) opened at $251.15 on Thursday. The company has a quick ratio of 1.50, a current ratio of 1.57 and a debt-to-equity ratio of 0.89. FedEx Co. has a 1-year low of $182.89 and a 1-year high of $274.66. The firm has a market cap of $67,020.62, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 1.47 and a beta of 1.30.
In other FedEx news, EVP Robert B. Carter sold 3,970 shares of the stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $250.73, for a total value of $995,398.10. Following the completion of the sale, the executive vice president now directly owns 187,025 shares of the company’s stock, valued at approximately $46,892,778.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO David J. Bronczek sold 46,555 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $255.49, for a total transaction of $11,894,336.95. Following the completion of the sale, the chief operating officer now directly owns 48,562 shares of the company’s stock, valued at $12,407,105.38. The disclosure for this sale can be found here. Over the last three months, insiders sold 53,541 shares of company stock valued at $13,692,142. Insiders own 8.45% of the company’s stock.
Several research firms have commented on FDX. Citigroup boosted their target price on shares of FedEx to $275.00 and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Barclays reaffirmed an “overweight” rating and set a $270.00 price objective (up from $230.00) on shares of FedEx in a report on Thursday, November 30th. They noted that the move was a valuation call. Goldman Sachs Group initiated coverage on shares of FedEx in a report on Monday, November 13th. They set a “buy” rating and a $270.00 price objective for the company. Stifel Nicolaus upped their price objective on shares of FedEx from $221.00 to $272.00 and gave the stock a “hold” rating in a report on Wednesday, December 20th. Finally, Zacks Investment Research downgraded shares of FedEx from a “hold” rating to a “sell” rating in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $273.12.
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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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