Icon Advisers Inc. Co. Cuts Position in FedEx Co. (NYSE:FDX)

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Icon Advisers Inc. Co. trimmed its position in FedEx Co. (NYSE:FDX) by 24.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,170 shares of the shipping service provider’s stock after selling 1,650 shares during the quarter. Icon Advisers Inc. Co.’s holdings in FedEx were worth $849,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its stake in shares of FedEx by 22.0% in the second quarter. Oregon Public Employees Retirement Fund now owns 107,419 shares of the shipping service provider’s stock valued at $17,637,000 after buying an additional 19,349 shares in the last quarter. Heritage Investors Management Corp grew its stake in shares of FedEx by 4.3% in the second quarter. Heritage Investors Management Corp now owns 76,800 shares of the shipping service provider’s stock valued at $12,610,000 after buying an additional 3,189 shares in the last quarter. First Dallas Securities Inc. grew its stake in shares of FedEx by 7.4% in the first quarter. First Dallas Securities Inc. now owns 6,133 shares of the shipping service provider’s stock valued at $1,113,000 after buying an additional 425 shares in the last quarter. Tredje AP fonden grew its stake in shares of FedEx by 23.7% in the first quarter. Tredje AP fonden now owns 19,898 shares of the shipping service provider’s stock valued at $3,623,000 after buying an additional 3,817 shares in the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in shares of FedEx by 26.7% in the first quarter. Wedge Capital Management L L P NC now owns 47,501 shares of the shipping service provider’s stock valued at $8,617,000 after buying an additional 9,997 shares in the last quarter. Institutional investors own 68.64% of the company’s stock.

A number of equities research analysts have recently issued reports on the company. Morgan Stanley set a $143.00 target price on FedEx and gave the company a “hold” rating in a research note on Monday, June 10th. Goldman Sachs Group assumed coverage on FedEx in a research note on Wednesday, July 10th. They issued a “buy” rating and a $200.00 target price for the company. Bank of America lowered their target price on FedEx from $188.00 to $173.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Barclays reiterated a “buy” rating and issued a $185.00 target price on shares of FedEx in a research note on Thursday, June 13th. Finally, Citigroup lowered their target price on FedEx from $192.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $191.63.

In other news, EVP Robert B. Carter sold 23,100 shares of FedEx stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $175.78, for a total value of $4,060,518.00. Following the completion of the transaction, the executive vice president now owns 68,446 shares in the company, valued at approximately $12,031,437.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Paul S. Walsh sold 4,440 shares of FedEx stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $161.88, for a total value of $718,747.20. Following the completion of the transaction, the director now owns 16,440 shares of the company’s stock, valued at approximately $2,661,307.20. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by company insiders.

Shares of FDX traded up $3.18 during mid-day trading on Friday, hitting $156.00. The stock had a trading volume of 1,536,200 shares, compared to its average volume of 2,030,355. The company has a market cap of $39.86 billion, a PE ratio of 10.05, a PEG ratio of 0.83 and a beta of 1.65. The company’s fifty day simple moving average is $164.88 and its two-hundred day simple moving average is $173.86. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.94. FedEx Co. has a fifty-two week low of $150.68 and a fifty-two week high of $259.25.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, June 25th. The shipping service provider reported $5.01 EPS for the quarter, topping the consensus estimate of $4.93 by $0.08. The company had revenue of $17.81 billion during the quarter, compared to analyst estimates of $17.85 billion. FedEx had a return on equity of 21.57% and a net margin of 0.77%. The business’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the firm earned $5.91 EPS. Equities analysts expect that FedEx Co. will post 14.61 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.67%. FedEx’s payout ratio is 16.75%.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.

Further Reading: Leveraged Buyout (LBO) Explained

Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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