Palouse Capital Management Inc. Lowers Stock Position in FedEx Co. (NYSE:FDX)

Palouse Capital Management Inc. cut its holdings in FedEx Co. (NYSE:FDX) by 2.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,390 shares of the shipping service provider’s stock after selling 156 shares during the quarter. Palouse Capital Management Inc.’s holdings in FedEx were worth $1,916,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FDX. Garner Asset Management Corp increased its stake in shares of FedEx by 1.1% during the second quarter. Garner Asset Management Corp now owns 5,860 shares of the shipping service provider’s stock valued at $1,757,000 after purchasing an additional 62 shares in the last quarter. Seven Eight Capital LP increased its position in FedEx by 1,884.4% during the 2nd quarter. Seven Eight Capital LP now owns 15,101 shares of the shipping service provider’s stock valued at $4,528,000 after buying an additional 14,340 shares in the last quarter. Zega Financial LLC increased its position in FedEx by 6.4% during the 2nd quarter. Zega Financial LLC now owns 1,708 shares of the shipping service provider’s stock valued at $512,000 after buying an additional 102 shares in the last quarter. O Brien Greene & Co. Inc boosted its holdings in FedEx by 0.6% in the second quarter. O Brien Greene & Co. Inc now owns 17,783 shares of the shipping service provider’s stock worth $5,332,000 after acquiring an additional 109 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of FedEx by 5.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 20,004 shares of the shipping service provider’s stock worth $5,904,000 after acquiring an additional 952 shares during the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Sriram Krishnasamy sold 8,421 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $310.14, for a total value of $2,611,688.94. Following the transaction, the chief executive officer now directly owns 12,246 shares of the company’s stock, valued at approximately $3,797,974.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other FedEx news, CEO Sriram Krishnasamy sold 8,421 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total value of $2,611,688.94. Following the sale, the chief executive officer now owns 12,246 shares in the company, valued at approximately $3,797,974.44. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Brie Carere sold 1,958 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $310.43, for a total value of $607,821.94. Following the transaction, the executive vice president now owns 19,937 shares of the company’s stock, valued at approximately $6,189,042.91. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,944 shares of company stock worth $9,882,355. 8.73% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FDX. Oppenheimer reiterated a “market perform” rating on shares of FedEx in a research note on Wednesday, June 26th. The Goldman Sachs Group increased their price target on shares of FedEx from $316.00 to $333.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. StockNews.com lowered shares of FedEx from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 24th. Robert W. Baird reiterated an “outperform” rating and set a $340.00 target price on shares of FedEx in a research note on Friday, September 13th. Finally, Daiwa America cut FedEx from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, FedEx has an average rating of “Moderate Buy” and an average price target of $314.58.

FedEx Stock Performance

NYSE:FDX opened at $298.17 on Thursday. FedEx Co. has a 52-week low of $224.69 and a 52-week high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. The firm has a market capitalization of $73.37 billion, a PE ratio of 17.31, a P/E/G ratio of 1.03 and a beta of 1.17. The stock has a 50-day simple moving average of $293.30 and a two-hundred day simple moving average of $274.62.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, beating the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.94 earnings per share. Analysts forecast that FedEx Co. will post 20.82 EPS for the current year.

FedEx Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be paid a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Monday, September 9th. FedEx’s dividend payout ratio (DPR) is 32.04%.

FedEx 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.