Cottage Street Advisors LLC Sells 113 Shares of FedEx Co. (NYSE:FDX)

Cottage Street Advisors LLC lowered its holdings in shares of FedEx Co. (NYSE:FDX) by 1.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 6,637 shares of the shipping service provider’s stock after selling 113 shares during the period. FedEx comprises 1.0% of Cottage Street Advisors LLC’s holdings, making the stock its 29th largest holding. Cottage Street Advisors LLC’s holdings in FedEx were worth $1,867,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. United Bank acquired a new stake in FedEx during the 3rd quarter valued at approximately $615,000. Quest Partners LLC acquired a new position in FedEx in the third quarter valued at $123,000. Meridian Wealth Management LLC grew its holdings in FedEx by 7.4% during the 3rd quarter. Meridian Wealth Management LLC now owns 803 shares of the shipping service provider’s stock worth $220,000 after acquiring an additional 55 shares during the period. Cerity Partners LLC raised its position in shares of FedEx by 39.0% in the 3rd quarter. Cerity Partners LLC now owns 60,345 shares of the shipping service provider’s stock worth $16,538,000 after acquiring an additional 16,931 shares in the last quarter. Finally, Kingsview Wealth Management LLC raised its position in shares of FedEx by 9.4% in the 3rd quarter. Kingsview Wealth Management LLC now owns 3,014 shares of the shipping service provider’s stock worth $825,000 after acquiring an additional 259 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Insider Buying and Selling at FedEx

In other FedEx news, CEO Richard W. Smith sold 2,576 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the transaction, the chief executive officer now directly owns 111,886 shares of the company’s stock, valued at approximately $30,984,589.98. The trade was a 2.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy B. Lane bought 333 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was bought at an average cost of $276.06 per share, with a total value of $91,927.98. Following the completion of the transaction, the director now owns 333 shares in the company, valued at approximately $91,927.98. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 8.87% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Loop Capital cut FedEx from a “hold” rating to a “sell” rating and cut their price target for the stock from $283.00 to $221.00 in a report on Friday, March 21st. BNP Paribas raised shares of FedEx from a “strong sell” rating to a “strong-buy” rating in a research report on Thursday, January 16th. TD Cowen decreased their target price on FedEx from $337.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Piper Sandler downgraded FedEx to a “neutral” rating in a research note on Monday, February 3rd. Finally, UBS Group reduced their price objective on FedEx from $350.00 to $331.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, FedEx currently has an average rating of “Moderate Buy” and an average price target of $300.60.

FedEx Price Performance

Shares of NYSE:FDX opened at $241.19 on Wednesday. FedEx Co. has a one year low of $217.22 and a one year high of $313.84. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. The firm has a market capitalization of $58.09 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.11 and a beta of 1.23. The company’s fifty day moving average price is $258.58 and its 200-day moving average price is $271.75.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). The firm had revenue of $22.16 billion for the quarter, compared to analysts’ expectations of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.86 EPS. On average, equities research analysts anticipate that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be issued a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a yield of 2.29%. FedEx’s dividend payout ratio is currently 34.63%.

About FedEx

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.