Horizon Bancorp Inc. IN Cuts Position in FedEx Co. (NYSE:FDX)

Horizon Bancorp Inc. IN lessened its holdings in FedEx Co. (NYSE:FDX) by 13.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 556 shares of the shipping service provider’s stock after selling 86 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in FedEx were worth $156,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Oppenheimer & Co. Inc. lifted its stake in shares of FedEx by 2.5% in the second quarter. Oppenheimer & Co. Inc. now owns 11,539 shares of the shipping service provider’s stock worth $3,460,000 after buying an additional 277 shares in the last quarter. Redwood Wealth Management Group LLC bought a new position in shares of FedEx in the second quarter worth approximately $93,000. Fairfield Financial Advisors LTD bought a new position in shares of FedEx in the second quarter worth approximately $92,000. Abound Wealth Management lifted its stake in shares of FedEx by 175.9% in the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after buying an additional 95 shares in the last quarter. Finally, Keene & Associates Inc. lifted its position in FedEx by 0.9% during the second quarter. Keene & Associates Inc. now owns 14,375 shares of the shipping service provider’s stock valued at $4,310,000 after purchasing an additional 126 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FDX. UBS Group increased their price objective on shares of FedEx from $311.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, December 20th. The Goldman Sachs Group decreased their price target on shares of FedEx from $333.00 to $332.00 in a research report on Friday, September 20th. Loop Capital upgraded shares of FedEx from a “hold” rating to a “buy” rating and increased their price target for the stock from $288.00 to $365.00 in a research report on Friday, December 20th. BMO Capital Markets increased their price target on shares of FedEx from $300.00 to $330.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. Finally, TD Cowen increased their price target on shares of FedEx from $328.00 to $337.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $325.61.

Insider Transactions at FedEx

In related news, CEO Richard W. Smith sold 2,576 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $276.93, for a total transaction of $713,371.68. Following the sale, the chief executive officer now owns 111,886 shares in the company, valued at $30,984,589.98. The trade was a 2.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John W. Dietrich purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were purchased at an average cost of $273.98 per share, for a total transaction of $273,980.00. Following the completion of the purchase, the executive vice president now owns 9,067 shares in the company, valued at $2,484,176.66. This trade represents a 12.40 % increase in their position. The disclosure for this purchase can be found here. 8.87% of the stock is currently owned by insiders.

FedEx Price Performance

FedEx stock opened at $274.46 on Tuesday. The company has a market cap of $66.10 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.18 and a beta of 1.20. The business has a fifty day moving average of $283.85 and a two-hundred day moving average of $284.46. FedEx Co. has a one year low of $234.45 and a one year high of $313.84. 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 (NYSE:FDX) last issued its quarterly earnings data on Thursday, December 19th. The shipping service provider reported $4.05 EPS for the quarter, topping analysts’ consensus estimates of $3.88 by $0.17. FedEx had a return on equity of 15.61% and a net margin of 4.62%. The firm had revenue of $22 billion during the quarter, compared to the consensus estimate of $22.14 billion. During the same period in the prior year, the business earned $3.99 EPS. The firm’s revenue was down .7% on a year-over-year basis. As a group, analysts predict that FedEx Co. will post 19.59 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Monday, December 9th were issued a $1.38 dividend. This represents a $5.52 annualized dividend and a yield of 2.01%. The ex-dividend date was Monday, December 9th. FedEx’s dividend payout ratio is 35.18%.

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.