Summit Global Investments Buys 3,329 Shares of FedEx Co. (NYSE:FDX)

Summit Global Investments boosted its stake in shares of FedEx Co. (NYSE:FDX) by 16.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,092 shares of the shipping service provider’s stock after purchasing an additional 3,329 shares during the quarter. Summit Global Investments’ holdings in FedEx were worth $6,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Scarborough Advisors LLC bought a new position in shares of FedEx during the 4th quarter worth approximately $25,000. Fortis Group Advisors LLC lifted its holdings in shares of FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Private Wealth Management Group LLC acquired a new stake in shares of FedEx in the 4th quarter worth $28,000. Tennessee Valley Asset Management Partners purchased a new position in FedEx during the 4th quarter worth $31,000. Finally, Sachetta LLC acquired a new position in FedEx during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Price Performance

FedEx stock traded up $0.02 during trading on Tuesday, reaching $288.44. The company had a trading volume of 575,887 shares, compared to its average volume of 1,852,868. The firm has a market capitalization of $70.98 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.08 and a beta of 1.18. The firm’s 50-day simple moving average is $285.87 and its 200 day simple moving average is $267.36. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. FedEx Co. has a 1-year low of $224.69 and a 1-year high of $313.84.

FedEx (NYSE:FDX) last released its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The business had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. During the same quarter in the previous year, the company earned $4.94 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. As a group, equities research analysts anticipate that FedEx Co. will post 20.94 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 9th will be paid a $1.38 dividend. This represents a $5.52 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend is Monday, September 9th. FedEx’s dividend payout ratio is currently 32.04%.

Analyst Upgrades and Downgrades

FDX has been the topic of a number of research analyst reports. Robert W. Baird boosted their price target on FedEx from $325.00 to $340.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 26th. StockNews.com raised shares of FedEx from a “buy” rating to a “strong-buy” rating in a report on Friday. Argus boosted their price objective on shares of FedEx from $325.00 to $335.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a research report on Wednesday, June 26th. Finally, Wells Fargo & Company boosted their price target on FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, FedEx has a consensus rating of “Moderate Buy” and a consensus price target of $314.00.

Insider Buying and Selling at FedEx

In related news, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total transaction of $34,711.84. Following the transaction, the chief accounting officer now directly owns 930 shares in the company, valued at $278,293.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total transaction of $34,711.84. Following the transaction, the chief accounting officer now owns 930 shares of the company’s stock, valued at approximately $278,293.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the transaction, the executive vice president now owns 59,884 shares in the company, valued at $17,634,640.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,944 shares of company stock worth $9,882,355. Corporate insiders own 8.73% of the company’s stock.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.