FedEx (NYSE:FDX) Shares Gap Down – Here’s What Happened

FedEx Corporation (NYSE:FDX) gapped down prior to trading on Monday . The stock had previously closed at $393.67, but opened at $379.50. FedEx shares last traded at $367.91, with a volume of 687,178 shares traded.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Sanford C. Bernstein raised their price objective on shares of FedEx from $457.00 to $470.00 and gave the stock an “outperform” rating in a research note on Thursday, April 9th. Argus raised their price objective on shares of FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Monday, April 6th. Wells Fargo & Company raised their price objective on shares of FedEx from $430.00 to $450.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. Stephens reissued an “overweight” rating and issued a $435.00 price objective on shares of FedEx in a research note on Tuesday, April 14th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $479.00 price objective on shares of FedEx in a research note on Friday, February 13th. Eighteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and a consensus target price of $398.04.

FedEx Trading Down 8.7%

The firm has a market capitalization of $85.81 billion, a PE ratio of 19.16, a price-to-earnings-growth ratio of 1.49 and a beta of 1.29. The stock’s 50-day moving average price is $370.95 and its 200 day moving average price is $320.19. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, topping analysts’ consensus estimates of $4.12 by $1.13. The business had revenue of $24 billion for the quarter, compared to analyst estimates of $23.44 billion. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the company posted $4.51 earnings per share. On average, sell-side analysts expect that FedEx Corporation will post 19.72 EPS for the current fiscal year.

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Monday, March 9th were given a dividend of $1.45 per share. The ex-dividend date of this dividend was Monday, March 9th. This represents a $5.80 dividend on an annualized basis and a dividend yield of 1.6%. FedEx’s dividend payout ratio (DPR) is 30.87%.

Insider Buying and Selling at FedEx

In related news, EVP Kawal Preet sold 4,900 shares of FedEx stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the transaction, the executive vice president directly owned 10,953 shares of the company’s stock, valued at $4,029,499.17. This trade represents a 30.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Susan C. Schwab sold 5,795 shares of FedEx stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the transaction, the director directly owned 10,038 shares in the company, valued at approximately $3,704,022. The trade was a 36.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 48,104 shares of company stock valued at $17,599,006. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On FedEx

Several institutional investors have recently bought and sold shares of FDX. Norges Bank purchased a new position in FedEx during the fourth quarter valued at approximately $859,085,000. Vanguard Group Inc. increased its holdings in FedEx by 13.2% during the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider’s stock valued at $5,527,870,000 after buying an additional 2,741,723 shares during the period. Boston Partners purchased a new position in FedEx during the third quarter valued at approximately $468,195,000. Dodge & Cox boosted its stake in FedEx by 12.0% in the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider’s stock valued at $3,826,055,000 after acquiring an additional 1,742,666 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in FedEx by 169.2% in the third quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock valued at $638,203,000 after acquiring an additional 1,718,278 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.