JPMorgan Chase & Co. Has Lowered Expectations for FedEx (NYSE:FDX) Stock Price

FedEx (NYSE:FDX) had its price objective dropped by JPMorgan Chase & Co. from $460.00 to $400.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the shipping service provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 26.41% from the stock’s previous close.

A number of other equities analysts have also weighed in on the company. Bank of America lifted their price target on FedEx from $376.00 to $378.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Wells Fargo & Company lowered their price objective on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a report on Wednesday, June 17th. UBS Group lowered their price objective on FedEx from $445.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. The Goldman Sachs Group lowered their price objective on FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Finally, Raymond James Financial set a $330.00 target price on FedEx in a report on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $348.32.

FedEx Stock Down 1.9%

Shares of FedEx stock traded down $6.08 during trading on Tuesday, reaching $316.44. The company’s stock had a trading volume of 369,025 shares, compared to its average volume of 2,103,963. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The company has a market cap of $74.89 billion, a price-to-earnings ratio of 17.10, a P/E/G ratio of 1.71 and a beta of 1.32. FedEx has a 1-year low of $177.86 and a 1-year high of $345.36. The company has a 50-day simple moving average of $319.29 and a two-hundred day simple moving average of $348.55.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The company had revenue of $23.26 billion during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, equities analysts forecast that FedEx will post 17.6 earnings per share for the current year.

Insider Buying and Selling

In other FedEx news, Director Paul Walsh sold 5,042 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the sale, the director directly owned 16,359 shares of the company’s stock, valued at $5,309,477.04. The trade was a 23.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On FedEx

Several hedge funds have recently modified their holdings of FDX. Sivia Capital Partners LLC acquired a new position in FedEx during the second quarter valued at $586,000. Canada Post Corp Registered Pension Plan boosted its holdings in FedEx by 85.9% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock worth $1,962,000 after buying an additional 3,138 shares in the last quarter. North Dakota State Investment Board purchased a new stake in FedEx during the fourth quarter worth $2,122,000. First Nebraska Trust Co purchased a new stake in FedEx during the first quarter worth $10,675,000. Finally, OMERS ADMINISTRATION Corp boosted its holdings in FedEx by 104.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,319 shares of the shipping service provider’s stock worth $6,169,000 after buying an additional 8,868 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

About FedEx

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.