Olstein Capital Management L.P. Acquires 4,500 Shares of FedEx Co. (NYSE:FDX)

Olstein Capital Management L.P. lifted its holdings in shares of FedEx Co. (NYSE:FDX) by 20.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,000 shares of the shipping service provider’s stock after acquiring an additional 4,500 shares during the quarter. Olstein Capital Management L.P.’s holdings in FedEx were worth $7,823,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. KRS Capital Management LLC raised its holdings in FedEx by 4.1% in the fourth quarter. KRS Capital Management LLC now owns 1,041 shares of the shipping service provider’s stock worth $263,000 after purchasing an additional 41 shares in the last quarter. Zullo Investment Group Inc. raised its holdings in FedEx by 0.7% in the fourth quarter. Zullo Investment Group Inc. now owns 5,721 shares of the shipping service provider’s stock worth $1,447,000 after purchasing an additional 42 shares in the last quarter. Toth Financial Advisory Corp raised its holdings in FedEx by 18.0% in the fourth quarter. Toth Financial Advisory Corp now owns 288 shares of the shipping service provider’s stock worth $73,000 after purchasing an additional 44 shares in the last quarter. SVB Wealth LLC increased its holdings in shares of FedEx by 2.5% during the fourth quarter. SVB Wealth LLC now owns 1,801 shares of the shipping service provider’s stock valued at $456,000 after acquiring an additional 44 shares in the last quarter. Finally, Integrated Investment Consultants LLC increased its holdings in shares of FedEx by 2.7% during the fourth quarter. Integrated Investment Consultants LLC now owns 1,727 shares of the shipping service provider’s stock valued at $437,000 after acquiring an additional 46 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Jefferies Financial Group raised their price target on FedEx from $265.00 to $300.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Raymond James reduced their price target on FedEx from $325.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 24th. Morgan Stanley raised their price target on FedEx from $210.00 to $215.00 and gave the company an “equal weight” rating in a report on Wednesday, June 26th. TD Cowen increased their price objective on FedEx from $320.00 to $335.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Finally, Evercore ISI dropped their price objective on FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.00.

FedEx Stock Performance

Shares of NYSE FDX traded down $4.51 during trading on Wednesday, hitting $293.71. The company had a trading volume of 1,274,326 shares, compared to its average volume of 1,950,764. The stock has a 50 day simple moving average of $259.20 and a 200 day simple moving average of $256.49. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. FedEx Co. has a 12 month low of $224.69 and a 12 month high of $302.41. The firm has a market capitalization of $72.28 billion, a P/E ratio of 17.02, a price-to-earnings-growth ratio of 1.10 and a beta of 1.18.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, topping the consensus estimate of $5.34 by $0.07. The firm had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the company earned $4.94 earnings per share. As a group, analysts anticipate that FedEx Co. will post 20.67 earnings per share for the current year.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be paid a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Monday, June 24th. This is an increase from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio (DPR) is 32.04%.

FedEx declared that its Board of Directors has approved a stock buyback plan on Thursday, March 21st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the shipping service provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at FedEx

In other FedEx news, CEO Richard W. Smith sold 1,325 shares of FedEx stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total value of $368,668.00. Following the sale, the chief executive officer now owns 84,614 shares of the company’s stock, valued at approximately $23,542,999.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Tracy B. Brightman sold 2,550 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $275.69, for a total transaction of $703,009.50. Following the transaction, the executive vice president now owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard W. Smith sold 1,325 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $278.24, for a total value of $368,668.00. Following the transaction, the chief executive officer now directly owns 84,614 shares in the company, valued at approximately $23,542,999.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 137,189 shares of company stock valued at $38,046,602. 8.73% of the stock is owned by company insiders.

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.