FedEx Corporation $FDX Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its position in FedEx Corporation (NYSE:FDX) by 8.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,678 shares of the shipping service provider’s stock after selling 5,825 shares during the quarter. Fifth Third Bancorp’s holdings in FedEx were worth $17,584,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Hollencrest Capital Management purchased a new position in FedEx during the 1st quarter worth $25,000. Solstein Capital LLC acquired a new stake in shares of FedEx during the second quarter worth about $27,000. Putney Financial Group LLC acquired a new stake in shares of FedEx during the third quarter worth about $25,000. Pathway Financial Advisers LLC acquired a new stake in shares of FedEx during the third quarter worth about $27,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of FedEx during the second quarter worth about $31,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Price Performance

NYSE:FDX opened at $323.91 on Friday. The firm has a market cap of $75.86 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The company has a current ratio of 1.33, a quick ratio of 1.29 and a debt-to-equity ratio of 0.50. The company’s 50-day moving average is $302.53 and its two-hundred day moving average is $337.70. FedEx Corporation has a 12-month low of $207.83 and a 12-month high of $345.36.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Wednesday, October 28th. The shipping service provider reported $3.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.40. FedEx had a return on equity of 15.53% and a net margin of 4.09%. The business had revenue of $22.93 billion for the quarter, compared to analysts’ expectations of $22.73 billion. During the same quarter last year, the firm earned $3.83 earnings per share. The business’s revenue was up 12.3% on a year-over-year basis. Research analysts expect that FedEx Corporation will post 18.29 EPS for the current year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Monday, September 14th were given a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $4.88 annualized dividend and a yield of 1.5%. FedEx’s payout ratio is 30.01%.

Insider Buying and Selling

In other FedEx news, EVP Gina Adams sold 3,014 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $317.06, for a total value of $955,618.84. Following the completion of the sale, the executive vice president owned 9,656 shares of the company’s stock, valued at $3,061,531.36. This trade represents a 23.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claude Russ sold 16,762 shares of FedEx stock in a transaction on Tuesday, November 10th. The stock was sold at an average price of $316.11, for a total transaction of $5,298,635.82. Following the sale, the chief financial officer directly owned 4,387 shares in the company, valued at $1,386,774.57. This trade represents a 79.26% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 46,387 shares of company stock valued at $14,681,426. Corporate insiders own 0.65% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Weiss Ratings cut FedEx from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, October 29th. Sanford C. Bernstein set a $377.00 target price on FedEx in a research note on Monday, October 26th. Evercore boosted their target price on FedEx from $350.00 to $351.00 in a report on Monday, September 28th. HSBC upgraded FedEx from a “hold” rating to a “buy” rating and set a $370.00 price target for the company in a research note on Thursday, October 29th. Finally, Citigroup increased their price target on FedEx from $373.00 to $374.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, FedEx presently has an average rating of “Moderate Buy” and a consensus target price of $359.16.

About FedEx

FedEx Corporation is a global transportation and logistics company that provides delivery, freight, and supply chain services to businesses and consumers. Its offerings include express and ground package delivery, freight transportation, customs clearance, and logistics solutions that help customers manage shipping and distribution. Founded by Frederick W. Smith in 1971, FedEx began operations in 1973. The company serves customers throughout the United States and in international markets, connecting businesses and consumers through its transportation and delivery networks.