Olstein Capital Management L.P. Boosts Holdings in FedEx Co. (NYSE:FDX)

Olstein Capital Management L.P. lifted its stake in shares of FedEx Co. (NYSE:FDX) by 14.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,500 shares of the shipping service provider’s stock after purchasing an additional 4,000 shares during the period. FedEx comprises 1.5% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 24th biggest position. Olstein Capital Management L.P.’s holdings in FedEx were worth $8,621,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of FedEx in the first quarter valued at approximately $1,667,000. Allegheny Financial Group LTD acquired a new stake in FedEx during the 1st quarter worth $203,000. Hilltop National Bank purchased a new stake in shares of FedEx during the first quarter worth $476,000. Csenge Advisory Group raised its position in shares of FedEx by 14.9% in the first quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock valued at $666,000 after buying an additional 298 shares during the last quarter. Finally, Czech National Bank lifted its stake in shares of FedEx by 6.4% in the third 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 in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Stock Up 1.3 %

Shares of FDX traded up $3.66 during mid-day trading on Thursday, hitting $283.72. 91,525 shares of the company’s stock were exchanged, compared to its average volume of 1,807,733. The stock’s 50-day moving average is $275.86 and its 200-day moving average is $275.26. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28. FedEx Co. has a fifty-two week low of $234.45 and a fifty-two week high of $313.84. The company has a market cap of $69.32 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 1.09 and a beta of 1.17.

FedEx (NYSE:FDX) last released its earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. FedEx had a return on equity of 15.61% and a net margin of 4.62%. FedEx’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter last year, the company earned $4.55 earnings per share. On average, sell-side analysts anticipate that FedEx Co. will post 19.59 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were paid a dividend of $1.38 per share. The ex-dividend date was Monday, September 9th. This represents a $5.52 annualized dividend and a yield of 1.95%. FedEx’s payout ratio is 34.05%.

Analysts Set New Price Targets

Several analysts recently issued reports on FDX shares. Loop Capital dropped their price objective on shares of FedEx from $317.00 to $288.00 and set a “hold” rating for the company in a research note on Monday, September 23rd. Evercore ISI reduced their price objective on FedEx from $335.00 to $318.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Robert W. Baird dropped their target price on FedEx from $340.00 to $320.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Stifel Nicolaus reduced their price target on FedEx from $327.00 to $321.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Finally, Citigroup assumed coverage on shares of FedEx in a report on Wednesday, October 9th. They issued a “buy” rating and a $301.00 price objective for the company. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus price target of $314.17.

FedEx 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.