Horizon Bancorp Inc. IN Has $176,000 Stake in FedEx Co. (NYSE:FDX)

Horizon Bancorp Inc. IN increased its holdings in shares of FedEx Co. (NYSE:FDX) by 291.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 642 shares of the shipping service provider’s stock after purchasing an additional 478 shares during the period. Horizon Bancorp Inc. IN’s holdings in FedEx were worth $176,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Wealthcare Advisory Partners LLC boosted its position in shares of FedEx by 7.7% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 1,924 shares of the shipping service provider’s stock worth $558,000 after purchasing an additional 137 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in FedEx by 6.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 37,508 shares of the shipping service provider’s stock valued at $10,868,000 after acquiring an additional 2,241 shares during the period. 180 Wealth Advisors LLC increased its holdings in shares of FedEx by 4.1% during the first quarter. 180 Wealth Advisors LLC now owns 1,522 shares of the shipping service provider’s stock valued at $441,000 after acquiring an additional 60 shares in the last quarter. Fifth Third Wealth Advisors LLC acquired a new position in shares of FedEx during the first quarter worth approximately $277,000. Finally, Hennion & Walsh Asset Management Inc. grew its position in FedEx by 20.8% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 4,564 shares of the shipping service provider’s stock valued at $1,322,000 after purchasing an additional 785 shares during the period. 84.47% of the stock is currently owned by institutional investors.

FedEx Price Performance

Shares of FedEx stock traded down $0.75 on Friday, hitting $272.12. 835,534 shares of the company traded hands, compared to its average volume of 1,834,461. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84. The firm’s 50-day simple moving average is $279.10 and its 200 day simple moving average is $274.84. The company has a market cap of $66.96 billion, a P/E ratio of 15.79, a P/E/G ratio of 1.06 and a beta of 1.17. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72.

FedEx (NYSE:FDX) last released 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 for the quarter, compared to analysts’ expectations of $21.87 billion. FedEx had a net margin of 4.62% and a return on equity of 15.61%. The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.55 EPS. Analysts expect that FedEx Co. will post 19.6 earnings per share for the current fiscal year.

FedEx Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th were paid a $1.38 dividend. This represents a $5.52 annualized dividend and a yield of 2.03%. The ex-dividend date was Monday, September 9th. FedEx’s dividend payout ratio is presently 32.04%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FDX. Hsbc Global Res cut shares of FedEx from a “strong-buy” rating to a “hold” rating in a report on Friday, September 20th. Morgan Stanley lowered FedEx from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $215.00 to $200.00 in a 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 on the stock in a report on Friday, September 20th. Citigroup assumed coverage on FedEx in a report on Wednesday, October 9th. They set a “buy” rating and a $301.00 price target for the company. Finally, UBS Group dropped their price objective on FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently 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.