Huntington National Bank Decreases Stock Holdings in FedEx Corporation $FDX

Huntington National Bank decreased its holdings in shares of FedEx Corporation (NYSE:FDX) by 14.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 11,623 shares of the shipping service provider’s stock after selling 1,943 shares during the period. Huntington National Bank’s holdings in FedEx were worth $3,357,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Kingsview Wealth Management LLC lifted its position in shares of FedEx by 32.8% during the 4th quarter. Kingsview Wealth Management LLC now owns 45,073 shares of the shipping service provider’s stock valued at $13,020,000 after buying an additional 11,136 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of FedEx by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock valued at $1,443,666,000 after buying an additional 45,818 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of FedEx during the 4th quarter valued at approximately $269,000. Knights of Columbus Asset Advisors LLC purchased a new position in shares of FedEx during the 4th quarter valued at approximately $6,293,000. Finally, M3 Wealth Management LLC purchased a new position in shares of FedEx during the 4th quarter valued at approximately $210,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling

In other FedEx news, EVP Gina F. Adams sold 20,450 shares of the firm’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 sale, the executive vice president directly owned 19,403 shares of the company’s stock, valued at $7,110,229.35. This trade represents a 51.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan C. Schwab sold 5,795 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $369.00, for a total value of $2,138,355.00. Following the completion of the sale, the director directly owned 10,038 shares of the company’s stock, valued at $3,704,022. This trade represents a 36.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 48,104 shares of company stock valued at $17,599,006 over the last 90 days. Insiders own 0.53% of the company’s stock.

FedEx Stock Performance

Shares of FedEx stock opened at $411.67 on Friday. FedEx Corporation has a one year low of $214.82 and a one year high of $413.70. The company has a market cap of $98.23 billion, a price-to-earnings ratio of 21.91, a PEG ratio of 1.56 and a beta of 1.29. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.44 and a current ratio of 1.47. The business’s 50 day moving average price is $375.15 and its 200 day moving average price is $337.51.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $23.44 billion. During the same quarter last year, the business posted $4.51 earnings per share. The firm’s revenue was up 8.3% compared to the same quarter last year. On average, research analysts predict that FedEx Corporation will post 19.72 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FDX shares. Evercore downgraded FedEx from an “outperform” rating to a “cautious” rating in a research report on Wednesday. Argus raised their target price on FedEx from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Monday, April 6th. The Goldman Sachs Group raised their target price on FedEx from $364.00 to $369.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Rothschild & Co Redburn raised their target price on FedEx from $317.00 to $371.00 and gave the company a “neutral” rating in a research report on Tuesday, February 24th. Finally, Sanford C. Bernstein raised their target price on FedEx from $457.00 to $470.00 and gave the company an “outperform” rating in a research report on Thursday, April 9th. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $400.69.

Key FedEx News

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: JPMorgan upgraded FedEx to Overweight and lifted its price target to $460, signaling meaningful upside potential as the company approaches its freight separation. JPMorgan lifts FedEx to Overweight ahead of freight spin-off
• Positive Sentiment: Analysts say the FedEx Freight spin-off could unlock more value for the parent company by sharpening its focus and improving operating clarity. FedEx spin-off could unlock more value for remaining business—JP Morgan
• Positive Sentiment: FedEx Freight is expected to begin trading as an independent company on June 1 and is set to join the S&P 500 quickly, which reinforces investor interest in the transaction. FedEx Spin-Off Gets Rare S&P 500 Fast Pass As Freight Unit Prepares To Trade
• Positive Sentiment: Additional bullish coverage highlighted FedEx as a buy ahead of the freight spin-off, adding to the momentum around the stock. FedEx is a buy as freight business spinoff approaches, JPMorgan says
• Neutral Sentiment: Index changes tied to the spin-off should keep FedEx in the Dow Jones Transportation Average while the new freight company is added separately, but this is more of a technical market adjustment than a direct business driver. FedEx Freight Holding Set to Join Dow Jones Transportation Average

FedEx Profile

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.