L2 Asset Management LLC Purchases New Shares in FedEx Corporation $FDX

L2 Asset Management LLC acquired a new stake in FedEx Corporation (NYSE:FDX) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 3,125 shares of the shipping service provider’s stock, valued at approximately $978,000.

A number of other institutional investors also recently modified their holdings of the stock. Hollencrest Capital Management acquired a new stake in shares of FedEx in the first quarter valued at approximately $25,000. Bayban bought a new position in FedEx in the 1st quarter worth approximately $26,000. Solstein Capital LLC acquired a new position in FedEx during the 2nd quarter worth $27,000. EFG International AG acquired a new position in FedEx during the 4th quarter worth $27,000. Finally, Wealth Watch Advisors INC bought a new position in FedEx in the 3rd quarter valued at $28,000. 84.47% of the stock is owned by institutional investors.

FedEx Stock Performance

FDX stock opened at $334.05 on Tuesday. FedEx Corporation has a twelve month low of $177.05 and a twelve month high of $345.36. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The company has a market cap of $79.06 billion, a P/E ratio of 18.05, a price-to-earnings-growth ratio of 1.67 and a beta of 1.30. The business’s fifty day moving average is $318.95 and its 200-day moving average is $351.51.

FedEx (NYSE:FDX) last released its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The firm had revenue of $23.26 billion for the quarter. Equities research analysts forecast that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be paid a dividend of $1.22 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $4.88 annualized dividend and a yield of 1.5%. FedEx’s dividend payout ratio (DPR) is presently 26.36%.

Analysts Set New Price Targets

FDX has been the subject of several research reports. BNP Paribas Exane lowered their target price on FedEx from $335.00 to $269.76 and set a “neutral” rating for the company in a research note on Tuesday, June 2nd. Raymond James Financial reaffirmed an “outperform” rating on shares of FedEx in a research note on Wednesday, August 19th. Evercore set a $165.00 price target on FedEx in a report on Friday, June 26th. Citigroup began coverage on FedEx in a research report on Wednesday, July 15th. They issued an “outperform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft cut FedEx from a “buy” rating to a “hold” rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, FedEx has a consensus rating of “Moderate Buy” and a consensus target price of $350.54.

Insider Buying and Selling

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the sale, the director directly owned 16,359 shares in the company, valued at approximately $5,309,477.04. This trade represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.65% of the company’s stock.

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.