Summit Asset Management LLC Purchases Shares of 7,915 FedEx Corporation $FDX

Summit Asset Management LLC acquired a new stake in shares of FedEx Corporation (NYSE:FDX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,915 shares of the shipping service provider’s stock, valued at approximately $2,478,000.

Several other large investors have also modified their holdings of the stock. Brighton Jones LLC raised its position in shares of FedEx by 12.8% during the fourth quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider’s stock worth $514,000 after purchasing an additional 207 shares during the period. Empowered Funds LLC lifted 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 valued at $2,514,000 after purchasing an additional 4,548 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of FedEx in the 2nd quarter valued at $586,000. Quantbot Technologies LP acquired a new position in shares of FedEx in the 2nd quarter valued at $186,000. Finally, Jump Financial LLC purchased a new position in FedEx in the 2nd quarter worth about $456,000. 84.47% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the company’s stock in a transaction that occurred on 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 transaction, the director owned 16,359 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.53% of the company’s stock.

FedEx Trading Down 1.4%

Shares of NYSE FDX opened at $334.56 on Friday. FedEx Corporation has a one year low of $177.05 and a one year high of $345.36. The firm has a market capitalization of $79.15 billion, a PE ratio of 18.07, a PEG ratio of 1.72 and a beta of 1.30. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The business has a 50-day moving average price of $319.39 and a two-hundred day moving average price of $351.07.

FedEx (NYSE:FDX) last released its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The company 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%. As a group, analysts predict that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were given 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 yield of 1.5%. FedEx’s payout ratio is presently 26.36%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FDX shares. BNP Paribas Exane cut their price objective on FedEx from $335.00 to $269.76 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. Seaport Research Partners assumed coverage on shares of FedEx in a report on Wednesday, May 27th. They issued a “buy” rating for the company. Stephens upgraded shares of FedEx to a “strong-buy” rating in a report on Wednesday, July 8th. Weiss Ratings downgraded shares of FedEx from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Finally, Citizens Jmp assumed coverage on shares of FedEx in a research note on Wednesday, July 15th. They issued a “market outperform” rating and a $375.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and a consensus target price of $350.54.

More FedEx News

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: Automation strategy supports efficiency: FedEx is sharpening its focus on automation to improve productivity and reduce costs, which could support margins over time. FedEx Automation Strategy Sharpens Focus on Efficiency
• Positive Sentiment: Industry shipping constraints may improve pricing: Capacity limitations, delays and higher prices reported by major ocean carriers could benefit parcel and freight operators such as FedEx if customers shift transportation modes or accept higher shipping rates. Walmart, Tesla, FedEx, and More Winners and Losers From Shipping’s Rough Seas
• Neutral Sentiment: Call-option activity signals bullish speculation: Investors purchased a high volume of FedEx call options, indicating increased expectations for a rebound, although options activity does not guarantee fundamental improvement. Investors Purchase High Volume of Call Options on FedEx
• Neutral Sentiment: FedEx Freight’s upbeat debut is separate from FDX: Newly independent FedEx Freight Holding Company (NASDAQ: FDXF) attracted favorable analyst coverage, with reported targets above its trading level and fiscal fourth-quarter revenue of $2.4 billion. The development may highlight value unlocked by FedEx’s freight separation, but FDXF now trades as a separate company.
• Negative Sentiment: Tariff refunds will not provide a lasting earnings boost: FedEx reportedly plans to return approximately $800 million in tariff refunds to customers after courts invalidated the tariffs. Passing the funds through limits the benefit to FedEx’s profits and could create administrative costs or temporary cash-flow pressure. Nike, FedEx Reap Billions From Tariff Refunds
• Negative Sentiment: Southern California closures and layoffs underscore cost pressure: FedEx is among employers announcing more than 500 job cuts in the region, including facility closures in Palm Springs and Victorville. While potentially supportive of restructuring savings, the actions point to softer demand and ongoing network rationalization. FedEx and Others Announce Layoffs in Southern California

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.