FedEx Co. (NYSE:FDX) Short Interest Up 6.0% in March

FedEx Co. (NYSE:FDXGet Free Report) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 3,360,000 shares, an increase of 6.0% from the February 29th total of 3,170,000 shares. Based on an average daily trading volume, of 2,300,000 shares, the short-interest ratio is currently 1.5 days. Approximately 1.5% of the shares of the company are sold short.

FedEx Price Performance

Shares of FDX stock opened at $278.49 on Thursday. FedEx has a twelve month low of $213.80 and a twelve month high of $291.27. The stock has a market capitalization of $68.53 billion, a price-to-earnings ratio of 16.06, a P/E/G ratio of 1.33 and a beta of 1.21. The stock has a fifty day simple moving average of $252.49 and a two-hundred day simple moving average of $253.15. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDXGet Free Report) last issued its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping analysts’ consensus estimates of $3.49 by $0.37. The firm had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.41 EPS. On average, analysts predict that FedEx will post 17.6 EPS for the current fiscal year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were paid a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date was Friday, March 8th. FedEx’s dividend payout ratio (DPR) is currently 29.07%.

FedEx announced that its Board of Directors has authorized a share repurchase program on Thursday, March 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FDX. Stephens reduced their price objective on FedEx from $330.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 20th. JPMorgan Chase & Co. reduced their price objective on FedEx from $322.00 to $305.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 20th. Evercore ISI lifted their price objective on FedEx from $327.00 to $351.00 and gave the stock an “outperform” rating in a research note on Friday, March 22nd. Raymond James cut their target price on FedEx from $279.00 to $275.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 20th. Finally, Bank of America cut their target price on FedEx from $346.00 to $340.00 and set a “buy” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, FedEx has an average rating of “Moderate Buy” and a consensus price target of $301.33.

View Our Latest Stock Analysis on FDX

Insider Activity

In other news, VP Guy M. Erwin II sold 2,749 shares of FedEx stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total transaction of $794,763.39. Following the transaction, the vice president now directly owns 486 shares of the company’s stock, valued at approximately $140,507.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Mark R. Allen sold 10,145 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $287.28, for a total value of $2,914,455.60. Following the transaction, the executive vice president now directly owns 36,853 shares of the company’s stock, valued at approximately $10,587,129.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Guy M. Erwin II sold 2,749 shares of FedEx stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the sale, the vice president now directly owns 486 shares in the company, valued at approximately $140,507.46. The disclosure for this sale can be found here. Insiders have sold a total of 19,393 shares of company stock valued at $5,581,475 in the last ninety days. Corporate insiders own 8.73% of the company’s stock.

Institutional Investors Weigh In On FedEx

A number of hedge funds have recently made changes to their positions in FDX. Duncan Williams Asset Management LLC purchased a new stake in FedEx in the first quarter valued at about $328,000. Strategic Advocates LLC purchased a new stake in FedEx in the first quarter valued at about $293,000. Dentgroup LLC purchased a new stake in FedEx in the first quarter valued at about $213,000. Avondale Wealth Management raised its stake in FedEx by 62.5% in the first quarter. Avondale Wealth Management now owns 650 shares of the shipping service provider’s stock valued at $188,000 after buying an additional 250 shares during the last quarter. Finally, Wilsey Asset Management Inc. raised its stake in FedEx by 2.4% in the first quarter. Wilsey Asset Management Inc. now owns 92,802 shares of the shipping service provider’s stock valued at $26,888,000 after buying an additional 2,203 shares during the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

About FedEx

(Get Free Report)

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.

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