FedEx Co. (NYSE:FDX) Position Raised by Ieq Capital LLC
Ieq Capital LLC increased its position in shares of FedEx Co. (NYSE:FDX) by 129.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,430 shares of the shipping service provider’s stock after purchasing an additional 1,934 shares during the period. Ieq Capital LLC’s holdings in FedEx were worth $415,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Utah Retirement Systems grew its stake in FedEx by 0.4% during the fourth quarter. Utah Retirement Systems now owns 45,987 shares of the shipping service provider’s stock worth $6,953,000 after buying an additional 200 shares during the last quarter. Watchman Group Inc. bought a new stake in shares of FedEx during the fourth quarter valued at approximately $2,310,000. Sailer Financial LLC bought a new stake in shares of FedEx during the fourth quarter valued at approximately $353,000. Brighton Jones LLC grew its stake in shares of FedEx by 4.4% during the fourth quarter. Brighton Jones LLC now owns 1,635 shares of the shipping service provider’s stock valued at $247,000 after purchasing an additional 69 shares during the last quarter. Finally, Dupont Capital Management Corp grew its stake in shares of FedEx by 35.0% during the fourth quarter. Dupont Capital Management Corp now owns 6,479 shares of the shipping service provider’s stock valued at $980,000 after purchasing an additional 1,679 shares during the last quarter. 72.96% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Alan B. Graf, Jr. sold 18,829 shares of FedEx stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $110.49, for a total transaction of $2,080,416.21. Following the completion of the sale, the executive vice president now owns 201,050 shares of the company’s stock, valued at approximately $22,214,014.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John A. Edwardson bought 5,000 shares of FedEx stock in a transaction that occurred on Friday, March 20th. The shares were bought at an average cost of $111.06 per share, with a total value of $555,300.00. Following the acquisition, the director now directly owns 82,966 shares in the company, valued at approximately $9,214,203.96. The disclosure for this purchase can be found here. Insiders own 8.44% of the company’s stock.
FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, March 17th. The shipping service provider reported $1.41 EPS for the quarter, meeting analysts’ consensus estimates of $1.41. FedEx had a negative net margin of 0.50% and a positive return on equity of 17.05%. The company had revenue of $17.49 billion during the quarter, compared to the consensus estimate of $16.89 billion. During the same quarter last year, the firm posted $3.03 EPS. The company’s quarterly revenue was up 2.8% on a year-over-year basis. As a group, research analysts forecast that FedEx Co. will post 9.25 EPS for the current fiscal year.
Several research firms have recently commented on FDX. Stifel Nicolaus decreased their price target on shares of FedEx from $136.00 to $120.00 in a research note on Wednesday, March 18th. Morgan Stanley reduced their price objective on shares of FedEx from $109.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $115.00 price objective on shares of FedEx in a research note on Friday, March 13th. Zacks Investment Research cut shares of FedEx from a “hold” rating to a “sell” rating and set a $135.00 price objective on the stock. in a research note on Tuesday, April 28th. Finally, Wells Fargo & Co reduced their price objective on shares of FedEx from $150.00 to $146.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 8th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company. FedEx has an average rating of “Hold” and a consensus price target of $148.00.
FedEx Company Profile
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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