North Star Asset Management Inc. Invests $3.02 Million in FedEx Corporation $FDX

North Star Asset Management Inc. purchased a new stake in FedEx Corporation (NYSE:FDX) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 9,657 shares of the shipping service provider’s stock, valued at approximately $3,024,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FDX. BlackRock Inc. purchased a new stake in FedEx during the second quarter worth about $6,508,103,000. Primecap Management Co. CA purchased a new position in FedEx in the second quarter valued at about $2,554,138,000. Norges Bank acquired a new stake in shares of FedEx during the 4th quarter valued at approximately $859,085,000. Boston Partners acquired a new stake in shares of FedEx during the 3rd quarter valued at approximately $468,195,000. Finally, Bank of America Corp DE purchased a new stake in shares of FedEx during the 2nd quarter worth approximately $579,171,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Trading Down 1.4%

Shares of FDX opened at $331.45 on Friday. 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 firm has a 50 day simple moving average of $319.23 and a 200-day simple moving average of $350.85. FedEx Corporation has a 1-year low of $177.05 and a 1-year high of $345.36. The stock has a market cap of $78.44 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 1.73 and a beta of 1.30.

FedEx (NYSE:FDX) last issued its quarterly earnings data 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 firm had revenue of $23.26 billion during the quarter. Equities analysts forecast that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Announces Dividend

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

Analysts Set New Price Targets

FDX has been the topic of a number of research reports. JPMorgan Chase & Co. restated a “buy” rating on shares of FedEx in a report on Friday, June 26th. UBS Group reduced their price objective on FedEx from $445.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. The Goldman Sachs Group lowered their target price on FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Wall Street Zen upgraded FedEx to a “hold” rating in a research report on Saturday, August 8th. Finally, Sanford C. Bernstein set a $397.00 price target on FedEx in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $350.54.

Insider Activity

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the company’s 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 transaction, the director directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 0.65% of the stock is owned by corporate insiders.

About FedEx

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.