Illinois Municipal Retirement Fund Grows Holdings in FedEx Corporation $FDX

Illinois Municipal Retirement Fund raised its position in FedEx Corporation (NYSE:FDX) by 20.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,762 shares of the shipping service provider’s stock after buying an additional 11,861 shares during the period. Illinois Municipal Retirement Fund’s holdings in FedEx were worth $20,440,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FDX. Norges Bank purchased a new position in FedEx in the fourth quarter valued at $859,085,000. Vanguard Group Inc. increased its holdings in FedEx by 13.2% in the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider’s stock valued at $5,527,870,000 after buying an additional 2,741,723 shares in the last quarter. Boston Partners purchased a new position in FedEx in the third quarter valued at $468,195,000. Dodge & Cox increased its holdings in FedEx by 12.0% in the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider’s stock valued at $3,826,055,000 after buying an additional 1,742,666 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in FedEx by 169.2% in the third quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock valued at $638,203,000 after buying an additional 1,718,278 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Raymond James Financial assumed coverage on shares of FedEx in a report on Wednesday, June 3rd. They issued an “outperform” rating and a $180.00 price objective for the company. Deutsche Bank Aktiengesellschaft cut shares of FedEx from a “buy” rating to a “hold” rating in a report on Wednesday, May 27th. Evercore cut shares of FedEx from an “outperform” rating to a “cautious” rating in a research note on Wednesday, May 27th. Stephens reissued an “overweight” rating and set a $435.00 target price on shares of FedEx in a research note on Tuesday, April 14th. Finally, Argus boosted their target price on shares of FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Monday, April 6th. Eighteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average target price of $372.41.

Insider Buying and Selling at FedEx

In related news, EVP Kawal Preet sold 4,900 shares of the business’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the transaction, the executive vice president directly owned 10,953 shares in the company, valued at approximately $4,029,499.17. The trade was a 30.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Gina F. Adams sold 20,450 shares of the business’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $366.45, for a total transaction of $7,493,902.50. Following the transaction, the executive vice president owned 19,403 shares in the company, valued at $7,110,229.35. The trade was a 51.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 48,104 shares of company stock valued at $17,599,006. Insiders own 0.53% of the company’s stock.

Key Headlines Impacting FedEx

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: FedEx pilots ratified a new labor contract, ending a long dispute and reducing uncertainty around one major operating issue for the company. FedEx pilots ratify new wage deal, union says
• Positive Sentiment: FedEx also updated its annual dividend after the FedEx Freight spin-off, reinforcing shareholder returns and signaling management confidence in cash generation. FedEx Updates Annual Dividend Following FedEx Freight Spin-Off
• Neutral Sentiment: Commentary from Jim Cramer and a Zacks value-stock note were supportive of FedEx’s long-term investment case, but they are not major fundamental catalysts on their own. Jim Cramer Says “I’m Proud That We Held on to Our FedEx Freight” Here’s Why FedEx (FDX) is a Strong Value Stock
• Neutral Sentiment: FedEx’s structural changes, including the Freight spin-off and an air-logistics partnership in Asia Pacific, may help the business over time but are not immediate stock-moving catalysts. FedEx Reshapes Freight And Asia Pacific Strategy As Valuation Gap Persists
• Negative Sentiment: Amazon’s expanded trucking and less-than-truckload service is sparking a selloff across transport stocks and creating fresh competitive pressure for FedEx and other logistics companies. Amazon’s Trucking Push Sparks New Slide in Transport Stocks
• Negative Sentiment: Old Dominion, Saia, and XPO fell sharply after Amazon opened its less-than-truckload service more broadly, highlighting investor concern that Amazon could intensify competition in freight markets relevant to FedEx. Amazon LTL expansion hits Old Dominion, Saia, and FedEx Freight stocks

FedEx Stock Down 3.6%

FDX stock opened at $319.70 on Thursday. The stock has a market capitalization of $76.28 billion, a P/E ratio of 17.01, a P/E/G ratio of 1.51 and a beta of 1.28. The firm has a 50-day simple moving average of $372.63 and a 200-day simple moving average of $342.19. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.77. FedEx Corporation has a 52 week low of $172.88 and a 52 week high of $341.14.

FedEx (NYSE:FDX) last released its earnings results on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, topping analysts’ consensus estimates of $4.12 by $1.13. The business had revenue of $24 billion during the quarter, compared to analysts’ expectations of $23.44 billion. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.51 earnings per share. Equities analysts forecast that FedEx Corporation will post 19.72 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Monday, June 22nd will be given a dividend of $1.22 per share. The ex-dividend date is Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s payout ratio is presently 30.87%.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.