Grimes & Company Inc. Purchases 89 Shares of FedEx Co. (NYSE:FDX)

Grimes & Company Inc. increased its stake in shares of FedEx Co. (NYSE:FDX) by 10.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 963 shares of the shipping service provider’s stock after acquiring an additional 89 shares during the period. Grimes & Company Inc.’s holdings in FedEx were worth $264,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of FedEx during the 1st quarter worth approximately $1,667,000. Allegheny Financial Group LTD bought a new position in shares of FedEx during the 1st quarter worth approximately $203,000. Hilltop National Bank bought a new position in shares of FedEx during the 1st quarter worth approximately $476,000. Csenge Advisory Group lifted its position in shares of FedEx by 14.9% during the 1st quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock worth $666,000 after buying an additional 298 shares during the period. Finally, Czech National Bank lifted its position in shares of FedEx by 6.4% during the 3rd quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock worth $12,564,000 after buying an additional 2,767 shares during the period. Institutional investors own 84.47% of the company’s stock.

FedEx Stock Performance

Shares of NYSE:FDX opened at $272.87 on Friday. The company has a market capitalization of $67.15 billion, a price-to-earnings ratio of 15.84, a P/E/G ratio of 1.06 and a beta of 1.17. The firm’s 50 day simple moving average is $279.32 and its 200 day simple moving average is $274.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.28 and a quick ratio of 1.24. FedEx Co. has a fifty-two week low of $224.69 and a fifty-two week high of $313.84.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). The firm had revenue of $21.58 billion during the quarter, compared to analyst estimates of $21.87 billion. FedEx had a net margin of 4.62% and a return on equity of 15.61%. The business’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.55 earnings per share. As a group, sell-side analysts forecast that FedEx Co. will post 19.6 earnings per share for the current year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were given a $1.38 dividend. The ex-dividend date was Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.02%. FedEx’s dividend payout ratio is 32.04%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FDX shares. Argus boosted their price objective on FedEx from $325.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Loop Capital reduced their price target on shares of FedEx from $317.00 to $288.00 and set a “hold” rating on the stock in a research report on Monday, September 23rd. Susquehanna decreased their price objective on shares of FedEx from $345.00 to $330.00 and set a “positive” rating on the stock in a report on Friday, September 20th. StockNews.com raised shares of FedEx from a “hold” rating to a “buy” rating in a report on Monday. Finally, HSBC lowered shares of FedEx from a “buy” rating to a “hold” rating and set a $300.00 price objective on the stock. in a report on Friday, September 20th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $314.17.

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.