The SOL Capital Management CO Cuts Position in FedEx Corp. (FDX)

The SOL Capital Management CO Cuts Position in FedEx Corp. (FDX)

SOL Capital Management CO decreased its stake in FedEx Corp. (NYSE:FDX) by 0.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 11,885 shares of the shipping service provider’s stock after selling 70 shares during the period. SOL Capital Management CO’s holdings in FedEx Corp. were worth $1,804,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FDX. Quadrant Capital Group LLC boosted its stake in shares of FedEx Corp. by 0.9% in the second quarter. Quadrant Capital Group LLC now owns 1,623 shares of the shipping service provider’s stock valued at $238,000 after buying an additional 15 shares in the last quarter. Halsey Associates Inc. CT boosted its stake in shares of FedEx Corp. by 0.7% in the first quarter. Halsey Associates Inc. CT now owns 5,194 shares of the shipping service provider’s stock valued at $845,000 after buying an additional 34 shares in the last quarter. Trust Co boosted its stake in shares of FedEx Corp. by 0.7% in the first quarter. Trust Co now owns 7,485 shares of the shipping service provider’s stock valued at $1,218,000 after buying an additional 50 shares in the last quarter. MSI Financial Services Inc boosted its stake in shares of FedEx Corp. by 0.7% in the second quarter. MSI Financial Services Inc now owns 7,988 shares of the shipping service provider’s stock valued at $1,212,000 after buying an additional 55 shares in the last quarter. Finally, NEXT Financial Group Inc boosted its stake in shares of FedEx Corp. by 1.3% in the second quarter. NEXT Financial Group Inc now owns 4,644 shares of the shipping service provider’s stock valued at $704,000 after buying an additional 59 shares in the last quarter. 73.67% of the stock is currently owned by institutional investors and hedge funds.

FedEx Corp. (NYSE:FDX) traded down 0.08% during midday trading on Monday, reaching $170.84. The company’s stock had a trading volume of 1,051,540 shares. The company has a market capitalization of $45.40 billion, a price-to-earnings ratio of 25.55 and a beta of 1.28. FedEx Corp. has a 1-year low of $119.71 and a 1-year high of $177.36. The company’s 50-day moving average price is $168.72 and its 200-day moving average price is $163.66.

FedEx Corp. (NYSE:FDX) last announced its earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.09. FedEx Corp. had a return on equity of 21.65% and a net margin of 3.49%. The firm earned $14.70 billion during the quarter. During the same quarter in the previous year, the company earned $2.42 EPS. FedEx Corp.’s revenue for the quarter was up 19.5% compared to the same quarter last year. On average, analysts predict that FedEx Corp. will post $12.14 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Monday, September 12th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, September 8th. This represents a $1.60 annualized dividend and a yield of 0.94%. FedEx Corp.’s payout ratio is 23.99%.

Several brokerages have recently issued reports on FDX. Vetr raised shares of FedEx Corp. from a “buy” rating to a “strong-buy” rating and set a $179.94 price target on the stock in a research report on Tuesday, August 2nd. Robert W. Baird restated a “buy” rating and set a $176.00 target price on shares of FedEx Corp. in a research note on Thursday, June 23rd. Stifel Nicolaus upped their target price on shares of FedEx Corp. from $179.00 to $186.00 and gave the stock a “buy” rating in a research note on Wednesday, September 21st. Zacks Investment Research upgraded shares of FedEx Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, September 22nd. Finally, Wolfe Research upgraded shares of FedEx Corp. from a “market perform” rating to an “outperform” rating in a research note on Friday, July 1st. Ten investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $176.59.

In related news, CEO David J. Bronczek sold 32,669 shares of the stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $176.30, for a total transaction of $5,759,544.70. Following the completion of the sale, the chief executive officer now owns 85,356 shares in the company, valued at approximately $15,048,262.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael L. Ducker sold 5,000 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $158.43, for a total value of $792,150.00. Following the sale, the chief executive officer now owns 56,265 shares of the company’s stock, valued at approximately $8,914,063.95. The disclosure for this sale can be found here. Corporate insiders own 8.67% of the company’s stock.

FedEx Corp. Company Profile

FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.

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