Kornitzer Capital Management Inc. KS Purchases 154 Shares of FedEx Co. (NYSE:FDX)

Kornitzer Capital Management Inc. KS raised its holdings in FedEx Co. (NYSE:FDX) by 0.5% during the third quarter, Holdings Channel reports. The institutional investor owned 34,115 shares of the shipping service provider’s stock after buying an additional 154 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in FedEx were worth $9,337,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FDX. SeaCrest Wealth Management LLC grew its stake in shares of FedEx by 0.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 5,615 shares of the shipping service provider’s stock worth $1,683,000 after acquiring an additional 34 shares in the last quarter. LRI Investments LLC grew its position in FedEx by 8.6% in the 2nd quarter. LRI Investments LLC now owns 455 shares of the shipping service provider’s stock worth $137,000 after purchasing an additional 36 shares in the last quarter. Ascent Wealth Partners LLC increased its stake in FedEx by 0.5% in the 2nd quarter. Ascent Wealth Partners LLC now owns 7,690 shares of the shipping service provider’s stock valued at $2,306,000 after buying an additional 36 shares during the last quarter. Detalus Advisors LLC increased its stake in FedEx by 2.4% in the 2nd quarter. Detalus Advisors LLC now owns 1,602 shares of the shipping service provider’s stock valued at $480,000 after buying an additional 37 shares during the last quarter. Finally, Sachetta LLC lifted its position in shares of FedEx by 29.1% during the 2nd quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock worth $49,000 after buying an additional 37 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

FedEx Price Performance

Shares of NYSE FDX opened at $283.30 on Friday. The firm has a market capitalization of $69.22 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.09 and a beta of 1.17. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. The stock’s 50-day simple moving average is $275.86 and its two-hundred day simple moving average is $275.26. FedEx Co. has a twelve month low of $234.45 and a twelve month high of $313.84.

FedEx (NYSE:FDX) last announced its 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). FedEx had a net margin of 4.62% and a return on equity of 15.61%. The company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $21.87 billion. During the same period in the prior year, the business earned $4.55 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, equities analysts anticipate that FedEx Co. will post 19.59 EPS for the current fiscal year.

FedEx Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently issued reports on FDX. Morgan Stanley lowered FedEx from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $215.00 to $200.00 in a report on Friday, September 20th. Citigroup assumed coverage on FedEx in a research report on Wednesday, October 9th. They set a “buy” rating and a $301.00 target price for the company. JPMorgan Chase & Co. cut their price target on shares of FedEx from $359.00 to $350.00 and set an “overweight” rating on the stock in a report on Friday, September 20th. UBS Group lowered their price objective on shares of FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. Finally, Robert W. Baird dropped their price target on FedEx from $340.00 to $320.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.17.

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.