Jolley Asset Management LLC Acquires 1,225 Shares of FedEx Co. (NYSE:FDX)
Jolley Asset Management LLC grew its holdings in shares of FedEx Co. (NYSE:FDX) by 68.1% in the third quarter, HoldingsChannel reports. The fund owned 3,025 shares of the shipping service provider’s stock after purchasing an additional 1,225 shares during the quarter. Jolley Asset Management LLC’s holdings in FedEx were worth $440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of the company. Sageworth Trust Co purchased a new position in shares of FedEx during the 2nd quarter valued at $25,000. CX Institutional purchased a new position in shares of FedEx during the 3rd quarter valued at $29,000. Nelson Roberts Investment Advisors LLC purchased a new stake in FedEx in the 2nd quarter worth $34,000. Accurate Investment Solutions Inc. lifted its stake in FedEx by 125.0% in the 3rd quarter. Accurate Investment Solutions Inc. now owns 225 shares of the shipping service provider’s stock worth $33,000 after purchasing an additional 125 shares in the last quarter. Finally, Sumitomo Mitsui Financial Group Inc. purchased a new stake in FedEx in the 2nd quarter worth $39,000. 71.33% of the stock is owned by hedge funds and other institutional investors.
NYSE:FDX traded up $2.28 during mid-day trading on Wednesday, hitting $152.24. 1,514,316 shares of the stock traded hands, compared to its average volume of 4,124,450. The stock has a market capitalization of $37.97 billion, a price-to-earnings ratio of 9.81, a PEG ratio of 1.00 and a beta of 1.72. FedEx Co. has a 52 week low of $137.78 and a 52 week high of $234.49. The firm’s 50 day moving average is $153.00 and its two-hundred day moving average is $166.34. The company has a quick ratio of 1.25, a current ratio of 1.31 and a debt-to-equity ratio of 1.70.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th were paid a $0.65 dividend. The ex-dividend date was Friday, September 6th. This represents a $2.60 dividend on an annualized basis and a yield of 1.71%. FedEx’s dividend payout ratio is currently 16.75%.
FDX has been the topic of several research analyst reports. Wolfe Research set a $184.00 price target on shares of FedEx and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Edward Jones cut shares of FedEx from a “buy” rating to a “hold” rating in a research note on Wednesday, September 18th. Stephens set a $192.00 price target on shares of FedEx and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Credit Suisse Group decreased their price target on shares of FedEx from $175.00 to $168.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 18th. Finally, Goldman Sachs Group initiated coverage on shares of FedEx in a research note on Wednesday, July 10th. They issued a “buy” rating and a $200.00 price target on the stock. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $171.64.
In related news, Director R Brad Martin bought 1,000 shares of the company’s stock in a transaction on Friday, September 27th. The shares were acquired at an average cost of $145.00 per share, for a total transaction of $145,000.00. Following the purchase, the director now directly owns 49,046 shares of the company’s stock, valued at $7,111,670. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert B. Carter sold 23,100 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $175.78, for a total transaction of $4,060,518.00. Following the completion of the transaction, the executive vice president now owns 68,446 shares in the company, valued at $12,031,437.88. The disclosure for this sale can be found here. 8.44% of the stock is owned by corporate insiders.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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