FedEx Co. (FDX) Sees Large Volume Increase After Earnings Beat
FedEx Co. (NYSE:FDX) shares saw an uptick in trading volume on Tuesday after the company announced better than expected quarterly earnings. 1,519,844 shares traded hands during trading, an increase of 16% from the previous session’s volume of 1,305,707 shares.The stock last traded at $162.98 and had previously closed at $161.26.
The shipping service provider reported $2.90 EPS for the quarter, beating the Zacks’ consensus estimate of $2.81 by $0.09. FedEx had a net margin of 3.61% and a return on equity of 20.62%. The firm had revenue of $14.70 billion for the quarter. During the same period in the previous year, the firm posted $2.42 earnings per share. The business’s revenue for the quarter was up 19.5% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, September 12th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Thursday, September 8th. FedEx’s payout ratio is presently 24.84%.
FDX has been the topic of a number of research analyst reports. Sanford C. Bernstein set a $159.00 price objective on shares of FedEx and gave the company a “neutral” rating in a research report on Wednesday. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of FedEx in a research report on Monday, June 6th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of FedEx in a research report on Thursday, June 16th. Robert W. Baird reissued a “buy” rating and issued a $176.00 target price on shares of FedEx in a research report on Thursday, June 23rd. Finally, Vetr raised shares of FedEx from a “buy” rating to a “strong-buy” rating and set a $179.94 target price for the company in a research report on Monday, July 25th. Nine research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. FedEx presently has a consensus rating of “Buy” and a consensus price target of $175.85.
In other news, Director John A. Edwardson sold 2,882 shares of the company’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $162.63, for a total value of $468,699.66. Following the sale, the director now owns 29,090 shares of the company’s stock, valued at approximately $4,730,906.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert B. Carter sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $164.51, for a total transaction of $822,550.00. Following the completion of the sale, the executive vice president now directly owns 53,399 shares in the company, valued at approximately $8,784,669.49. The disclosure for this sale can be found here. 8.67% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. First Personal Financial Services raised its stake in shares of FedEx by 18.6% in the second quarter. First Personal Financial Services now owns 708 shares of the shipping service provider’s stock worth $107,000 after buying an additional 111 shares in the last quarter. Glassman Wealth Services raised its stake in shares of FedEx by 200.6% in the second quarter. Glassman Wealth Services now owns 974 shares of the shipping service provider’s stock worth $148,000 after buying an additional 650 shares in the last quarter. Invictus RG bought a new stake in shares of FedEx during the first quarter worth approximately $161,000. Beese Fulmer Investment Management Inc. raised its stake in shares of FedEx by 2.5% in the second quarter. Beese Fulmer Investment Management Inc. now owns 1,319 shares of the shipping service provider’s stock worth $200,000 after buying an additional 32 shares in the last quarter. Finally, HBK Sorce Advisory LLC bought a new stake in shares of FedEx during the second quarter worth approximately $202,000. 73.78% of the stock is currently owned by institutional investors and hedge funds.
The company has a 50 day moving average price of $164.57 and a 200 day moving average price of $161.19. The company has a market cap of $46.16 billion, a PE ratio of 26.71 and a beta of 1.35.
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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