Redmond Asset Management LLC trimmed its position in shares of FedEx Co. (NYSE:FDX) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,658 shares of the shipping service provider’s stock after selling 234 shares during the quarter. Redmond Asset Management LLC’s holdings in FedEx were worth $1,257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently bought and sold shares of FDX. Sageworth Trust Co purchased a new stake in FedEx in the second quarter worth approximately $25,000. Covenant Multifamily Offices LLC purchased a new stake in FedEx in the first quarter worth approximately $29,000. Evolution Wealth Advisors LLC purchased a new stake in FedEx in the first quarter worth approximately $31,000. Endurance Wealth Management Inc. boosted its stake in FedEx by 375.0% in the first quarter. Endurance Wealth Management Inc. now owns 190 shares of the shipping service provider’s stock worth $34,000 after buying an additional 150 shares in the last quarter. Finally, Nelson Roberts Investment Advisors LLC purchased a new stake in FedEx in the second quarter worth approximately $34,000. 68.64% of the stock is currently owned by hedge funds and other institutional investors.
In other FedEx news, EVP Robert B. Carter sold 23,100 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $175.78, for a total value of $4,060,518.00. Following the completion of the transaction, the executive vice president now owns 68,446 shares in the company, valued at $12,031,437.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul S. Walsh sold 4,440 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $161.88, for a total value of $718,747.20. Following the completion of the transaction, the director now owns 16,440 shares of the company’s stock, valued at approximately $2,661,307.20. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by corporate insiders.
FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.93 by $0.08. The business had revenue of $17.81 billion during the quarter, compared to the consensus estimate of $17.85 billion. FedEx had a return on equity of 21.57% and a net margin of 0.77%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.91 earnings per share. On average, equities analysts expect that FedEx Co. will post 14.61 EPS for the current year.
Several analysts have issued reports on the company. Berenberg Bank set a $175.00 target price on FedEx and gave the stock a “hold” rating in a research note on Friday, June 28th. KeyCorp cut their target price on FedEx from $215.00 to $190.00 and set an “overweight” rating for the company in a research note on Wednesday, June 12th. TheStreet lowered FedEx from a “b-” rating to a “c+” rating in a research note on Thursday, June 6th. Cowen reaffirmed an “outperform” rating and issued a $228.00 target price (down previously from $230.00) on shares of FedEx in a research note on Thursday, June 20th. Finally, UBS Group set a $136.00 price objective on FedEx and gave the company a “sell” rating in a research note on Wednesday, June 26th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $191.63.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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