First Hawaiian Bank decreased its position in shares of FedEx Co. (NYSE:FDX) by 8.2% 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 6,101 shares of the shipping service provider’s stock after selling 545 shares during the period. First Hawaiian Bank’s holdings in FedEx were worth $1,107,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in FDX. HC Financial Advisors Inc. lifted its position in FedEx by 5.9% during the 3rd quarter. HC Financial Advisors Inc. now owns 8,333 shares of the shipping service provider’s stock worth $2,007,000 after acquiring an additional 464 shares during the last quarter. Panagora Asset Management Inc. lifted its position in FedEx by 7.0% during the 3rd quarter. Panagora Asset Management Inc. now owns 10,836 shares of the shipping service provider’s stock worth $2,609,000 after acquiring an additional 712 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in FedEx by 399.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,032 shares of the shipping service provider’s stock worth $2,416,000 after acquiring an additional 8,025 shares during the last quarter. Ancora Advisors LLC acquired a new position in FedEx during the 3rd quarter worth $183,000. Finally, Cpwm LLC acquired a new position in FedEx during the 3rd quarter worth $216,000. 71.67% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Frederick W. Smith sold 155,650 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $189.83, for a total transaction of $29,547,039.50. Following the sale, the chief executive officer now directly owns 14,945,124 shares of the company’s stock, valued at $2,837,032,888.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John L. Merino sold 2,300 shares of the stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $182.24, for a total transaction of $419,152.00. Following the sale, the vice president now directly owns 30,185 shares in the company, valued at $5,500,914.40. The disclosure for this sale can be found here. Insiders have sold 187,950 shares of company stock worth $35,170,622 over the last ninety days. Insiders own 8.50% of the company’s stock.
FedEx (NYSE:FDX) last posted its quarterly earnings results on Tuesday, March 19th. The shipping service provider reported $3.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.10 by ($0.07). The business had revenue of $17.01 billion during the quarter, compared to analyst estimates of $17.70 billion. FedEx had a return on equity of 22.67% and a net margin of 5.25%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the company earned $3.72 EPS. On average, research analysts expect that FedEx Co. will post 15.44 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were paid a dividend of $0.65 per share. The ex-dividend date was Friday, March 8th. This represents a $2.60 annualized dividend and a yield of 1.41%. FedEx’s dividend payout ratio is 16.98%.
A number of research analysts have weighed in on FDX shares. Berenberg Bank reissued a “buy” rating and set a $245.00 target price on shares of FedEx in a research report on Monday, January 7th. UBS Group cut their price objective on shares of FedEx from $234.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, January 10th. JPMorgan Chase & Co. set a $233.00 price objective on shares of FedEx and gave the company a “buy” rating in a research report on Monday, December 31st. Credit Suisse Group upped their price objective on shares of FedEx from $236.00 to $241.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Finally, Cowen reaffirmed an “outperform” rating and set a $237.00 price objective (down previously from $242.00) on shares of FedEx in a research report on Thursday, March 14th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $212.33.
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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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