L2 Asset Management LLC Acquires New Holdings in FedEx Corporation $FDX

L2 Asset Management LLC bought a new position in shares of FedEx Corporation (NYSE:FDX) in the second quarter, HoldingsChannel reports. The firm bought 3,125 shares of the shipping service provider’s stock, valued at approximately $978,000.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of FedEx by 12.8% in the fourth quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider’s stock valued at $514,000 after buying an additional 207 shares during the period. Empowered Funds LLC raised its holdings in shares of FedEx by 78.9% during the first quarter. Empowered Funds LLC now owns 10,311 shares of the shipping service provider’s stock worth $2,514,000 after acquiring an additional 4,548 shares during the period. Sivia Capital Partners LLC bought a new stake in FedEx in the 2nd quarter valued at $586,000. Quantbot Technologies LP bought a new stake in FedEx in the 2nd quarter valued at $186,000. Finally, Jump Financial LLC acquired a new position in FedEx in the 2nd quarter worth $456,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FDX has been the topic of several recent research reports. The Goldman Sachs Group dropped their price target on FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a research note on Monday, June 1st. Deutsche Bank Aktiengesellschaft cut FedEx from a “buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Stifel Nicolaus decreased their price objective on FedEx from $442.00 to $326.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Evercore set a $165.00 target price on FedEx in a research report on Friday, June 26th. Finally, Raymond James Financial restated an “outperform” rating on shares of FedEx in a research note on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $350.54.

FedEx Trading Up 2.8%

FedEx stock opened at $334.05 on Tuesday. The firm has a 50-day moving average of $318.95 and a 200-day moving average of $351.51. FedEx Corporation has a one year low of $177.05 and a one year high of $345.36. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The company has a market cap of $79.06 billion, a price-to-earnings ratio of 18.05, a P/E/G ratio of 1.67 and a beta of 1.30.

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

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be paid a dividend of $1.22 per share. The ex-dividend date is Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.5%. FedEx’s dividend payout ratio is currently 26.36%.

Insider Activity

In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the sale, the director owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.65% of the stock is currently owned by corporate insiders.

FedEx 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.