FedEx Freight Hldg Co (NYSE:FDXF – Get Free Report) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $109.69, but opened at $115.20. FedEx Freight shares last traded at $124.5940, with a volume of 322,604 shares changing hands.
The company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.11. The firm had revenue of $2.46 billion during the quarter.
Key Stories Impacting FedEx Freight
Here are the key news stories impacting FedEx Freight this week:
- Positive Sentiment: FedEx Freight reported quarterly adjusted earnings per share of $1.49, exceeding the $1.38 analyst consensus, while revenue reached $2.46 billion. The company also posted 12% year-over-year revenue growth, providing evidence of resilient pricing and demand. FedEx posts 12% annual revenue growth in Q3
- Positive Sentiment: Management forecast fourth-quarter adjusted EPS of $0.65 to $0.75, reportedly above analyst expectations, citing stabilizing shipment volumes, improved pricing and anticipated margin expansion during the holiday period. FedEx Freight forecasts quarterly earnings above estimates
- Neutral Sentiment: The company expects fourth-quarter revenue of $2.30 billion to $2.37 billion. The range reflects improving volumes but also a still-uncertain freight market and limited visibility into peak-season demand. FedEx Freight fourth-quarter revenue outlook
- Negative Sentiment: Despite the earnings beat, coverage characterized the results as mixed: holiday-quarter volumes remain tepid, and projected revenue would be below the latest quarter. Investors may therefore be concerned that profit growth depends heavily on pricing, fuel surcharges and premium services rather than a broad volume recovery. FedEx Freight posts mixed results
Analysts Set New Price Targets
Several research analysts have issued reports on FDXF shares. Raymond James Financial reissued an “outperform” rating and set a $165.00 price objective on shares of FedEx Freight in a research report on Thursday, October 15th. Sanford C. Bernstein started coverage on shares of FedEx Freight in a report on Thursday, September 10th. They issued a “market perform” rating and a $133.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of FedEx Freight from $160.00 to $149.00 and set an “overweight” rating for the company in a research note on Monday, October 5th. Stephens started coverage on FedEx Freight in a report on Wednesday, July 8th. They set an “overweight” rating and a $180.00 price target on the stock. Finally, Stifel Nicolaus dropped their price target on FedEx Freight from $160.00 to $129.00 and set a “hold” rating on the stock in a research report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, FedEx Freight presently has an average rating of “Moderate Buy” and a consensus target price of $158.85.
Read Our Latest Stock Report on FedEx Freight
Institutional Investors Weigh In On FedEx Freight
Institutional investors and hedge funds have recently bought and sold shares of the stock. CoreCap Advisors LLC purchased a new position in FedEx Freight in the 3rd quarter valued at about $26,000. CYBER HORNET ETFs LLC purchased a new position in FedEx Freight during the second quarter worth about $44,000. United Community Bank acquired a new position in shares of FedEx Freight during the 2nd quarter valued at about $46,000. Syntax Research Inc. acquired a new stake in shares of FedEx Freight in the second quarter worth approximately $64,000. Finally, MCF Advisors LLC acquired a new position in shares of FedEx Freight in the 2nd quarter valued at $65,000.
FedEx Freight Price Performance
The company has a fifty day simple moving average of $119.05.
About FedEx Freight
FedEx Freight is a less-than-truckload (LTL) freight transportation company that provides pickup, consolidation, transportation and delivery services for shipments that do not require a full truck. Its customers include businesses across manufacturing, retail, wholesale, healthcare, technology and other industries.
The company offers a range of LTL solutions, including time-definite and day-definite services, standard and economy freight transportation, expedited shipping, volume and multiweight services, and specialized delivery options.
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