FedEx (NYSE:FDX) Hits New 52-Week Low Following Analyst Downgrade

FedEx Co. (NYSE:FDXGet Rating) shares hit a new 52-week low during trading on Friday after Bank Of America (Bofa) downgraded the stock from a buy rating to a neutral rating. Bank Of America (Bofa) now has a $186.00 price target on the stock, down from their previous price target of $275.00. FedEx traded as low as $155.00 and last traded at $159.67, with a volume of 326927 shares trading hands. The stock had previously closed at $204.87.

FDX has been the topic of several other reports. UBS Group cut their target price on FedEx from $308.00 to $232.00 and set a “buy” rating on the stock in a research note on Friday. Stephens increased their price target on FedEx from $285.00 to $295.00 and gave the company an “overweight” rating in a report on Friday, June 24th. Morgan Stanley lowered their price target on FedEx from $255.00 to $250.00 in a report on Wednesday, September 7th. Credit Suisse Group lowered their price target on FedEx from $314.00 to $246.00 and set an “outperform” rating on the stock in a report on Friday. Finally, StockNews.com cut FedEx from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 21st. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $245.04.

Insider Buying and Selling

In other news, EVP Brie Carere sold 11,235 shares of FedEx stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $228.85, for a total transaction of $2,571,129.75. Following the completion of the sale, the executive vice president now owns 16,366 shares of the company’s stock, valued at $3,745,359.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Brie Carere sold 11,235 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $228.85, for a total value of $2,571,129.75. Following the completion of the transaction, the executive vice president now owns 16,366 shares of the company’s stock, valued at $3,745,359.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert B. Carter sold 12,310 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $224.67, for a total value of $2,765,687.70. Following the transaction, the executive vice president now directly owns 54,916 shares in the company, valued at $12,337,977.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,810 shares of company stock worth $11,199,898. Corporate insiders own 8.62% of the company’s stock.

Institutional Investors Weigh In On FedEx

Large investors have recently made changes to their positions in the stock. Activest Wealth Management grew its holdings in shares of FedEx by 121.6% during the second quarter. Activest Wealth Management now owns 113 shares of the shipping service provider’s stock valued at $26,000 after buying an additional 62 shares during the last quarter. Holloway Wealth Management LLC purchased a new stake in FedEx in the first quarter valued at $29,000. American National Bank boosted its holdings in FedEx by 206.7% in the second quarter. American National Bank now owns 138 shares of the shipping service provider’s stock valued at $31,000 after purchasing an additional 93 shares during the last quarter. Byrne Asset Management LLC acquired a new position in shares of FedEx in the fourth quarter worth about $36,000. Finally, Rockbridge Investment Management LCC raised its position in shares of FedEx by 344.1% in the fourth quarter. Rockbridge Investment Management LCC now owns 151 shares of the shipping service provider’s stock worth $39,000 after acquiring an additional 117 shares during the period. 71.62% of the stock is owned by hedge funds and other institutional investors.

FedEx Stock Performance

The business’s 50-day simple moving average is $222.53 and its two-hundred day simple moving average is $218.40. The firm has a market cap of $41.85 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 0.74 and a beta of 1.21. The company has a quick ratio of 1.38, a current ratio of 1.43 and a debt-to-equity ratio of 0.81.

FedEx (NYSE:FDXGet Rating) last issued its quarterly earnings data on Thursday, June 23rd. The shipping service provider reported $6.87 earnings per share for the quarter, missing analysts’ consensus estimates of $6.91 by ($0.04). FedEx had a return on equity of 22.29% and a net margin of 4.09%. The firm had revenue of $24.39 billion during the quarter, compared to analyst estimates of $24.28 billion. During the same quarter last year, the company posted $5.01 EPS. As a group, sell-side analysts expect that FedEx Co. will post 23.01 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be issued a $1.15 dividend. The ex-dividend date is Thursday, September 1st. This represents a $4.60 dividend on an annualized basis and a yield of 2.86%. FedEx’s payout ratio is 32.17%.

About FedEx

(Get Rating)

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.

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