Pitcairn Co. Cuts Holdings in FedEx Co. (FDX)

Pitcairn Co. lowered its holdings in shares of FedEx Co. (NYSE:FDX) by 47.3% in the fourth quarter, Holdings Channel reports. The fund owned 2,336 shares of the shipping service provider’s stock after selling 2,097 shares during the quarter. Pitcairn Co.’s holdings in FedEx were worth $377,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bessemer Group Inc. raised its position in shares of FedEx by 1.6% in the fourth quarter. Bessemer Group Inc. now owns 5,234 shares of the shipping service provider’s stock valued at $844,000 after buying an additional 83 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of FedEx by 2.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 191,304 shares of the shipping service provider’s stock valued at $30,864,000 after buying an additional 4,442 shares during the last quarter. Haverford Financial Services Inc. raised its position in shares of FedEx by 43.3% in the fourth quarter. Haverford Financial Services Inc. now owns 32,240 shares of the shipping service provider’s stock valued at $5,201,000 after buying an additional 9,739 shares during the last quarter. Haverford Trust Co. raised its position in shares of FedEx by 18.6% in the fourth quarter. Haverford Trust Co. now owns 258,302 shares of the shipping service provider’s stock valued at $41,672,000 after buying an additional 40,431 shares during the last quarter. Finally, First Heartland Consultants Inc. raised its position in shares of FedEx by 23.7% in the fourth quarter. First Heartland Consultants Inc. now owns 2,074 shares of the shipping service provider’s stock valued at $335,000 after buying an additional 397 shares during the last quarter. Institutional investors own 71.39% of the company’s stock.

Shares of FDX stock opened at $179.08 on Friday. FedEx Co. has a one year low of $150.94 and a one year high of $266.67. The company has a quick ratio of 1.36, a current ratio of 1.42 and a debt-to-equity ratio of 0.85. The company has a market cap of $46.86 billion, a P/E ratio of 11.70, a P/E/G ratio of 0.87 and a beta of 1.63.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, December 18th. The shipping service provider reported $4.03 EPS for the quarter, missing the consensus estimate of $4.05 by ($0.02). FedEx had a return on equity of 24.11% and a net margin of 7.23%. The company had revenue of $17.82 billion for the quarter, compared to analyst estimates of $17.71 billion. During the same period last year, the company posted $3.18 EPS. Research analysts anticipate that FedEx Co. will post 15.91 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Monday, March 11th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend is Friday, March 8th. FedEx’s dividend payout ratio (DPR) is 16.98%.

In other FedEx news, Director David P. Steiner acquired 7,000 shares of the firm’s stock in a transaction on Wednesday, January 2nd. The stock was bought at an average cost of $162.92 per share, for a total transaction of $1,140,440.00. Following the completion of the purchase, the director now directly owns 25,994 shares in the company, valued at $4,234,942.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John L. Merino sold 2,300 shares of the business’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $182.24, for a total transaction of $419,152.00. Following the sale, the vice president now owns 30,185 shares of the company’s stock, valued at $5,500,914.40. The disclosure for this sale can be found here. Corporate insiders own 8.50% of the company’s stock.

A number of research firms have recently weighed in on FDX. Zacks Investment Research raised shares of FedEx from a “hold” rating to a “buy” rating and set a $226.00 price objective for the company in a research report on Tuesday, December 11th. Oppenheimer cut their price objective on shares of FedEx from $288.00 to $234.00 and set an “outperform” rating for the company in a research report on Wednesday, December 19th. Daiwa Capital Markets set a $190.00 price objective on shares of FedEx and gave the company a “buy” rating in a research report on Thursday, December 20th. Cowen reissued an “outperform” rating and issued a $242.00 price objective on shares of FedEx in a research report on Thursday. Finally, UBS Group cut their price objective on shares of FedEx from $256.00 to $205.00 and set a “neutral” rating for the company in a research report on Wednesday, December 19th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and sixteen have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $235.00.

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FedEx Company 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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