Tocqueville Asset Management L.P. Takes $62.86 Million Position in FedEx Corporation $FDX

Tocqueville Asset Management L.P. bought a new position in shares of FedEx Corporation (NYSE:FDX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 200,746 shares of the shipping service provider’s stock, valued at approximately $62,860,000. FedEx accounts for about 0.8% of Tocqueville Asset Management L.P.’s holdings, making the stock its 29th largest holding.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FDX. Brighton Jones LLC raised its stake in FedEx by 12.8% during the 4th quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider’s stock valued at $514,000 after acquiring an additional 207 shares during the last quarter. Empowered Funds LLC grew its stake in shares of FedEx by 78.9% in the 1st quarter. Empowered Funds LLC now owns 10,311 shares of the shipping service provider’s stock valued at $2,514,000 after purchasing an additional 4,548 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of FedEx in the 2nd quarter valued at approximately $586,000. Quantbot Technologies LP acquired a new position in shares of FedEx in the second quarter valued at approximately $186,000. Finally, Jump Financial LLC purchased a new stake in shares of FedEx during the second quarter worth approximately $456,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the transaction, the director owned 16,359 shares in the company, valued at $5,309,477.04. This trade represents a 23.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by company insiders.

FedEx Stock Down 0.1%

FedEx stock opened at $328.07 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. FedEx Corporation has a 1-year low of $177.05 and a 1-year high of $345.36. The company has a market cap of $77.65 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 1.69 and a beta of 1.30. The stock’s 50 day moving average price is $319.53 and its 200 day moving average price is $351.69.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The firm had revenue of $23.26 billion for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. On average, sell-side analysts predict that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were paid a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.5%. FedEx’s dividend payout ratio is 26.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FDX shares. Stifel Nicolaus decreased their price target on FedEx from $442.00 to $326.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. JPMorgan Chase & Co. reissued a “buy” rating on shares of FedEx in a research note on Friday, June 26th. Sanford C. Bernstein set a $397.00 price objective on shares of FedEx in a research report on Wednesday, June 24th. BMO Capital Markets restated a “market perform” rating on shares of FedEx in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised shares of FedEx to a “hold” rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $350.54.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.