FedEx (NYSE:FDX) Price Target Cut to $350.00 by Analysts at JPMorgan Chase & Co.

FedEx (NYSE:FDX) had its price objective lowered by JPMorgan Chase & Co. from $359.00 to $350.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the shipping service provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 36.71% from the stock’s previous close.

A number of other brokerages have also recently issued reports on FDX. Oppenheimer reissued a “market perform” rating on shares of FedEx in a research report on Wednesday, June 26th. StockNews.com cut FedEx from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 24th. Robert W. Baird cut their price target on FedEx from $340.00 to $320.00 and set an “outperform” rating on the stock in a research note on Friday. Bank of America lowered their price objective on FedEx from $347.00 to $345.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, HSBC cut FedEx from a “buy” rating to a “hold” rating and set a $300.00 target price on the stock. in a research note on Friday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $313.24.

FedEx Stock Down 14.8 %

Shares of FDX stock traded down $44.38 during midday trading on Friday, reaching $256.01. 6,226,254 shares of the stock were exchanged, compared to its average volume of 1,794,393. FedEx has a 1 year low of $224.69 and a 1 year high of $313.84. The firm has a market cap of $63.00 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. The company’s 50 day moving average is $293.32 and its two-hundred day moving average is $274.80. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). The firm had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $21.87 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. FedEx’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the previous year, the company earned $4.55 earnings per share. On average, equities research analysts predict that FedEx will post 20.82 EPS for the current year.

Insider Transactions at FedEx

In related news, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the transaction, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Paul S. Walsh sold 2,535 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.72, for a total value of $747,115.20. Following the transaction, the director now directly owns 14,745 shares in the company, valued at $4,345,646.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert B. Carter sold 16,010 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the sale, the executive vice president now owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The disclosure for this sale can be found here. Insiders have sold 32,944 shares of company stock valued at $9,882,355 over the last quarter. 8.73% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of FedEx by 5.6% in the first quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock worth $5,756,602,000 after buying an additional 1,056,061 shares in the last quarter. Capital International Investors increased its holdings in FedEx by 32.5% in the 1st quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock valued at $2,558,718,000 after acquiring an additional 2,163,622 shares during the last quarter. Putnam Investments LLC lifted its stake in FedEx by 38.1% in the 4th quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock worth $732,040,000 after purchasing an additional 798,084 shares in the last quarter. Mawer Investment Management Ltd. boosted its holdings in shares of FedEx by 43.5% during the 1st quarter. Mawer Investment Management Ltd. now owns 2,258,579 shares of the shipping service provider’s stock valued at $654,401,000 after purchasing an additional 684,679 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of FedEx by 34.6% during the second quarter. Ameriprise Financial Inc. now owns 2,248,137 shares of the shipping service provider’s stock valued at $674,336,000 after purchasing an additional 578,350 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors.

FedEx Company Profile

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.