PCJ Investment Counsel Ltd. Takes Position in FedEx Co. (NYSE:FDX)

PCJ Investment Counsel Ltd. acquired a new stake in FedEx Co. (NYSE:FDX) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 6,100 shares of the shipping service provider’s stock, valued at approximately $1,669,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FDX. Evermay Wealth Management LLC lifted its stake in shares of FedEx by 72.7% in the 3rd quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after purchasing an additional 40 shares during the period. Highline Wealth Partners LLC acquired a new position in shares of FedEx in the 3rd quarter valued at about $31,000. Central Valley Advisors LLC acquired a new position in shares of FedEx in the 2nd quarter valued at about $39,000. Abound Wealth Management lifted its stake in shares of FedEx by 175.9% in the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after purchasing an additional 95 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new position in FedEx during the 3rd quarter worth approximately $47,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Price Performance

Shares of NYSE FDX opened at $293.02 on Wednesday. FedEx Co. has a 1-year low of $234.45 and a 1-year high of $313.84. The stock has a fifty day simple moving average of $275.82 and a two-hundred day simple moving average of $276.94. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72. The firm has a market cap of $71.59 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 1.23 and a beta of 1.17.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 EPS for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a return on equity of 15.61% and a net margin of 4.62%. The company had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $21.87 billion. During the same period in the previous year, the business earned $4.55 earnings per share. FedEx’s revenue was down .5% on a year-over-year basis. Analysts anticipate that FedEx Co. will post 19.59 earnings per share for the current year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Monday, December 9th. FedEx’s payout ratio is currently 34.05%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FDX shares. Hsbc Global Res downgraded FedEx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 20th. Bank of America lowered their price objective on FedEx from $347.00 to $345.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lowered their price objective on FedEx from $359.00 to $350.00 and set an “overweight” rating for the company in a research note on Friday, September 20th. HSBC downgraded FedEx from a “buy” rating to a “hold” rating and set a $300.00 price objective for the company. in a research note on Friday, September 20th. Finally, Daiwa America downgraded FedEx from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and an average price target of $316.04.

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.