Crossmark Global Holdings Inc. cut its stake in FedEx Co. (NYSE:FDX) by 6.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 19,076 shares of the shipping service provider’s stock after selling 1,346 shares during the period. Crossmark Global Holdings Inc.’s holdings in FedEx were worth $3,461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently modified their holdings of the company. Berman Capital Advisors LLC bought a new position in shares of FedEx in the fourth quarter worth $25,000. Cordasco Financial Network grew its stake in shares of FedEx by 181.8% in the first quarter. Cordasco Financial Network now owns 155 shares of the shipping service provider’s stock worth $28,000 after purchasing an additional 100 shares in the last quarter. Northwest Wealth Management LLC grew its stake in shares of FedEx by 842.1% in the fourth quarter. Northwest Wealth Management LLC now owns 179 shares of the shipping service provider’s stock worth $29,000 after purchasing an additional 160 shares in the last quarter. Covenant Multifamily Offices LLC bought a new position in shares of FedEx in the first quarter worth $29,000. Finally, Advocacy Wealth Management Services LLC grew its stake in shares of FedEx by 52.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 183 shares of the shipping service provider’s stock worth $34,000 after purchasing an additional 63 shares in the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:FDX opened at $178.00 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.46 and a quick ratio of 1.40. FedEx Co. has a 1-year low of $150.94 and a 1-year high of $266.67. The firm has a market capitalization of $46.79 billion, a P/E ratio of 11.63, a P/E/G ratio of 0.91 and a beta of 1.62.
In related news, EVP Alan B. Graf, Jr. sold 27,000 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $173.30, for a total value of $4,679,100.00. Following the completion of the transaction, the executive vice president now owns 200,320 shares in the company, valued at approximately $34,715,456. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Frederick W. Smith sold 155,650 shares of the stock in a transaction on Friday, April 5th. The shares were sold at an average price of $189.83, for a total value of $29,547,039.50. Following the completion of the transaction, the chief executive officer now owns 14,945,124 shares of the company’s stock, valued at approximately $2,837,032,888.92. The disclosure for this sale can be found here. Insiders sold a total of 185,650 shares of company stock valued at $34,751,470 in the last quarter. 8.50% of the stock is currently owned by corporate insiders.
Several research firms have recently issued reports on FDX. UBS Group cut FedEx from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $171.00 to $161.00 in a research note on Friday, April 26th. Credit Suisse Group reissued a “buy” rating and issued a $241.00 price target on shares of FedEx in a research note on Monday, April 1st. Berenberg Bank cut FedEx from a “buy” rating to a “hold” rating and decreased their target price for the company from $245.00 to $200.00 in a research note on Monday, April 1st. Susquehanna Bancshares reaffirmed a “neutral” rating and set a $174.00 target price on shares of FedEx in a research note on Thursday, March 28th. Finally, Daiwa Capital Markets cut FedEx from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $187.00 to $179.00 in a research note on Thursday, March 21st. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $212.33.
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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