JPMorgan Chase & Co. Lowers FedEx (NYSE:FDX) Price Target to $350.00

FedEx (NYSE:FDX) had its target price reduced by analysts at JPMorgan Chase & Co. from $359.00 to $350.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the shipping service provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 36.71% from the stock’s current price.

Several other research firms also recently commented on FDX. Argus increased their price objective on FedEx from $325.00 to $335.00 and gave the company a “buy” rating in a report on Thursday, June 27th. TD Cowen dropped their price target on FedEx from $334.00 to $328.00 and set a “buy” rating for the company in a report on Friday. Stifel Nicolaus reiterated a “buy” rating and issued a $327.00 price target (up from $303.00) on shares of FedEx in a research report on Wednesday, June 26th. Bank of America lowered their price objective on shares of FedEx from $347.00 to $345.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, UBS Group decreased their price target on shares of FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, FedEx currently has an average rating of “Moderate Buy” and an average price target of $313.24.

FedEx Stock Down 14.8 %

FDX traded down $44.38 during trading on Friday, hitting $256.01. The company had a trading volume of 6,226,254 shares, compared to its average volume of 1,794,393. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $63.00 billion, a PE ratio of 14.86, a PEG ratio of 1.03 and a beta of 1.17. The firm’s 50-day moving average price is $293.32 and its 200 day moving average price is $274.80. FedEx has a one year low of $224.69 and a one year high of $313.84.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. During the same period last year, the company earned $4.55 EPS. The company’s revenue was down .5% compared to the same quarter last year. As a group, equities analysts expect that FedEx will post 20.82 earnings per share for the current year.

Insider Activity at FedEx

In other FedEx news, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the completion of the sale, the executive vice president now directly owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other FedEx news, Director Paul S. Walsh sold 2,535 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $294.72, for a total transaction of $747,115.20. Following the sale, the director now directly owns 14,745 shares of the company’s stock, valued at $4,345,646.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Robert B. Carter sold 16,010 shares of FedEx stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the transaction, the executive vice president now owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,944 shares of company stock worth $9,882,355. Insiders own 8.73% of the company’s stock.

Institutional Trading of FedEx

A number of hedge funds have recently made changes to their positions in the stock. SeaCrest Wealth Management LLC lifted its position in FedEx by 0.6% in the second quarter. SeaCrest Wealth Management LLC now owns 5,615 shares of the shipping service provider’s stock valued at $1,683,000 after purchasing an additional 34 shares during the last quarter. LRI Investments LLC raised its holdings in FedEx by 8.6% during the 2nd quarter. LRI Investments LLC now owns 455 shares of the shipping service provider’s stock valued at $137,000 after buying an additional 36 shares during the last quarter. Ascent Wealth Partners LLC boosted its position in FedEx by 0.5% during the 2nd quarter. Ascent Wealth Partners LLC now owns 7,690 shares of the shipping service provider’s stock valued at $2,306,000 after buying an additional 36 shares during the period. Detalus Advisors LLC grew its holdings in FedEx by 2.4% in the 2nd quarter. Detalus Advisors LLC now owns 1,602 shares of the shipping service provider’s stock worth $480,000 after acquiring an additional 37 shares during the last quarter. Finally, Sachetta LLC increased its position in shares of FedEx by 29.1% in the second quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock valued at $49,000 after acquiring an additional 37 shares during the period. 84.47% of the stock is owned by institutional investors.

FedEx Company Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.