Steinberg Global Asset Management Trims Stake in FedEx Co. (FDX)

Steinberg Global Asset Management cut its stake in shares of FedEx Co. (NYSE:FDX) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,135 shares of the shipping service provider’s stock after selling 568 shares during the period. Steinberg Global Asset Management’s holdings in FedEx were worth $3,154,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its position in shares of FedEx by 15,104.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,063,136 shares of the shipping service provider’s stock worth $87,000 after purchasing an additional 13,970,642 shares during the last quarter. Dodge & Cox lifted its stake in FedEx by 20.0% in the third quarter. Dodge & Cox now owns 12,391,153 shares of the shipping service provider’s stock worth $2,983,666,000 after acquiring an additional 2,065,853 shares during the period. Norges Bank purchased a new stake in FedEx in the fourth quarter worth $303,958,000. Packer & Co Ltd lifted its stake in FedEx by 595.0% in the fourth quarter. Packer & Co Ltd now owns 1,239,800 shares of the shipping service provider’s stock worth $28,779,000 after acquiring an additional 1,061,416 shares during the period. Finally, Rehmann Capital Advisory Group lifted its stake in FedEx by 23,826.4% in the third quarter. Rehmann Capital Advisory Group now owns 564,423 shares of the shipping service provider’s stock worth $1,554,394,000 after acquiring an additional 562,064 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Several equities analysts have commented on the company. Daiwa Capital Markets lowered FedEx from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $187.00 to $179.00 in a research report on Thursday, March 21st. They noted that the move was a valuation call. Credit Suisse Group raised their price target on FedEx from $236.00 to $241.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. BMO Capital Markets reduced their price target on FedEx to $215.00 and set an “outperform” rating for the company in a report on Wednesday, March 20th. Susquehanna Bancshares restated a “neutral” rating and set a $174.00 price target on shares of FedEx in a report on Thursday, March 28th. Finally, UBS Group reduced their price target on FedEx from $234.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, January 10th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. FedEx currently has an average rating of “Hold” and a consensus price target of $212.33.

Shares of FedEx stock opened at $180.66 on Wednesday. FedEx Co. has a 52 week low of $150.94 and a 52 week high of $266.67. The firm has a market capitalization of $47.42 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 0.96 and a beta of 1.62. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.40 and a current ratio of 1.46.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, March 19th. The shipping service provider reported $3.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.10 by ($0.07). FedEx had a return on equity of 22.67% and a net margin of 5.25%. The firm had revenue of $17.01 billion during the quarter, compared to analysts’ expectations of $17.70 billion. During the same quarter in the prior year, the company posted $3.72 earnings per share. FedEx’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts expect that FedEx Co. will post 15.44 EPS for the current fiscal year.

In related news, EVP Alan B. Graf, Jr. sold 27,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $173.30, for a total transaction of $4,679,100.00. Following the sale, the executive vice president now directly owns 200,320 shares of the company’s stock, valued at $34,715,456. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Susan C. Schwab sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $175.11, for a total value of $525,330.00. The disclosure for this sale can be found here. Insiders have sold a total of 185,650 shares of company stock worth $34,751,470 over the last ninety days. 8.50% of the stock is currently owned by corporate insiders.

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FedEx 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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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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