Clarkston Capital Partners LLC decreased its stake in FedEx Corporation (NYSE:FDX – Free Report) by 90.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 27,005 shares of the shipping service provider’s stock after selling 251,768 shares during the quarter. Clarkston Capital Partners LLC’s holdings in FedEx were worth $9,619,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Sivia Capital Partners LLC bought a new position in shares of FedEx in the second quarter worth approximately $586,000. CWM LLC boosted its position in FedEx by 32.2% during the 4th quarter. CWM LLC now owns 108,031 shares of the shipping service provider’s stock valued at $31,206,000 after buying an additional 26,322 shares during the period. Canada Post Corp Registered Pension Plan increased its position in shares of FedEx by 85.9% in the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock valued at $1,962,000 after acquiring an additional 3,138 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of FedEx by 19.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider’s stock valued at $12,081,000 after acquiring an additional 6,864 shares during the last quarter. Finally, North Dakota State Investment Board bought a new stake in shares of FedEx in the fourth quarter worth about $2,122,000. Institutional investors and hedge funds own 84.47% of the company’s stock.
FedEx Stock Down 1.6%
Shares of NYSE:FDX opened at $315.93 on Friday. FedEx Corporation has a 12-month low of $172.88 and a 12-month high of $345.36. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The stock has a fifty day simple moving average of $337.21 and a two-hundred day simple moving average of $350.30. The stock has a market capitalization of $74.74 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 1.65 and a beta of 1.29.
FedEx Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were paid a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, June 22nd. FedEx’s dividend payout ratio is currently 26.36%.
Insider Activity at FedEx
In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the sale, the director owned 16,359 shares in the company, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.53% of the stock is currently owned by insiders.
Analysts Set New Price Targets
A number of research analysts have commented on the company. Raymond James Financial dropped their price objective on FedEx from $415.00 to $330.00 and set an “outperform” rating for the company in a report on Wednesday, June 24th. The Goldman Sachs Group decreased their target price on FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a report on Monday, June 1st. Jefferies Financial Group began coverage on shares of FedEx in a report on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 price target on the stock. Argus upped their price objective on shares of FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Monday, April 6th. Finally, HSBC dropped their target price on shares of FedEx from $360.00 to $289.89 and set a “hold” rating for the company in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, FedEx currently has an average rating of “Moderate Buy” and a consensus price target of $350.54.
Get Our Latest Analysis on FedEx
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.
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