State of Michigan Retirement System raised its stake in FedEx Co. (NYSE:FDX) by 11.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 61,387 shares of the shipping service provider’s stock after acquiring an additional 6,375 shares during the period. State of Michigan Retirement System’s holdings in FedEx were worth $8,608,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. SevenBridge Financial Group LLC increased its holdings in shares of FedEx by 0.7% during the 2nd quarter. SevenBridge Financial Group LLC now owns 9,602 shares of the shipping service provider’s stock worth $1,346,000 after buying an additional 67 shares during the last quarter. Heron Financial Group LLC increased its stake in FedEx by 2.5% during the second quarter. Heron Financial Group LLC now owns 3,078 shares of the shipping service provider’s stock worth $488,000 after acquiring an additional 74 shares during the last quarter. Capital Investment Advisors LLC raised its position in FedEx by 4.8% in the first quarter. Capital Investment Advisors LLC now owns 1,918 shares of the shipping service provider’s stock valued at $233,000 after purchasing an additional 87 shares during the period. Retirement Network lifted its stake in shares of FedEx by 76.9% in the 1st quarter. Retirement Network now owns 207 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 90 shares during the last quarter. Finally, City Holding Co. grew its holdings in shares of FedEx by 33.6% during the 1st quarter. City Holding Co. now owns 366 shares of the shipping service provider’s stock worth $44,000 after purchasing an additional 92 shares during the period. Institutional investors and hedge funds own 73.89% of the company’s stock.
In related news, CEO Frederick W. Smith sold 155,750 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $117.71, for a total value of $18,333,332.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan C. Schwab sold 10,570 shares of FedEx stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $155.58, for a total value of $1,644,480.60. Following the transaction, the director now directly owns 16,600 shares in the company, valued at approximately $2,582,628. The disclosure for this sale can be found here. Insiders have sold a total of 196,550 shares of company stock worth $24,818,258 over the last quarter. 8.44% of the stock is owned by company insiders.
Shares of NYSE FDX opened at $168.40 on Friday. The business has a 50-day moving average of $151.03 and a two-hundred day moving average of $136.84. The company has a market capitalization of $44.11 billion, a price-to-earnings ratio of 34.44, a price-to-earnings-growth ratio of 1.40 and a beta of 1.32. FedEx Co. has a 1 year low of $88.69 and a 1 year high of $176.25. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.58 and a quick ratio of 1.53.
FedEx (NYSE:FDX) last issued its earnings results on Tuesday, June 30th. The shipping service provider reported $2.53 earnings per share for the quarter, topping the consensus estimate of $1.42 by $1.11. The business had revenue of $17.36 billion for the quarter, compared to analyst estimates of $16.54 billion. FedEx had a return on equity of 13.49% and a net margin of 1.86%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company earned $5.01 EPS. As a group, equities research analysts expect that FedEx Co. will post 10.03 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Monday, June 29th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.54%. The ex-dividend date was Friday, June 26th. FedEx’s payout ratio is 27.37%.
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.
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