Tower Bridge Advisors Trims Position in FedEx Co. (NYSE:FDX)

Tower Bridge Advisors lowered its holdings in FedEx Co. (NYSE:FDX) by 4.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,715 shares of the shipping service provider’s stock after selling 976 shares during the period. Tower Bridge Advisors’ holdings in FedEx were worth $5,943,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Czech National Bank grew its holdings in FedEx by 6.4% in the 3rd quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock valued at $12,564,000 after buying an additional 2,767 shares during the period. Magnolia Capital Advisors LLC acquired a new stake in shares of FedEx in the second quarter worth approximately $9,226,000. Raymond James & Associates grew its holdings in FedEx by 6.9% in the third quarter. Raymond James & Associates now owns 485,698 shares of the shipping service provider’s stock valued at $132,926,000 after purchasing an additional 31,241 shares during the period. Manning & Napier Advisors LLC acquired a new position in FedEx during the second quarter worth approximately $22,052,000. Finally, Versor Investments LP acquired a new position in shares of FedEx in the 3rd quarter valued at $2,096,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FDX. Susquehanna cut their target price on FedEx from $345.00 to $330.00 and set a “positive” rating on the stock in a research report on Friday, September 20th. Barclays lifted their price objective on FedEx from $350.00 to $365.00 and gave the company an “overweight” rating in a research note on Wednesday. BMO Capital Markets dropped their target price on shares of FedEx from $325.00 to $300.00 and set a “market perform” rating for the company in a research report on Friday, September 20th. Daiwa America downgraded shares of FedEx from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Finally, Stephens reissued an “overweight” rating and issued a $350.00 price objective on shares of FedEx in a research report on Friday, September 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $316.04.

FedEx Stock Performance

FDX stock opened at $294.46 on Friday. The stock’s 50 day simple moving average is $275.40 and its 200 day simple moving average is $276.37. FedEx Co. has a 12-month low of $234.45 and a 12-month high of $313.84. The firm has a market cap of $71.94 billion, a P/E ratio of 18.17, a P/E/G ratio of 1.23 and a beta of 1.17. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (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 business had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $21.87 billion. During the same quarter in the previous year, the business posted $4.55 earnings per share. The company’s quarterly revenue was down .5% compared to the same quarter last year. As a group, equities research analysts predict that FedEx Co. will post 19.59 EPS for the current year.

FedEx Dividend Announcement

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 given a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Monday, December 9th. FedEx’s payout ratio is 34.05%.

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.