Key Takeaways:
- FedEx price has surged over the past year
- Several institutional investors and hedge funds have invested in FDX stock
- FedEx insiders have profited from stock sales
YEREVAN (CoinChapter.com) — FedEx Co. (NYSE: FDX), the American multinational transportation, e-commerce, and business services company, has released its financial report. In the latest quarter, net income, adjusted for exceptional items, reached $4.55 per share. This marks a significant increase from $3.44 per share in the same period last year. The unadjusted profit for the August quarter amounted to $1.08 billion or $4.23 per share, compared to $875 million or $3.33 per share in the corresponding period of 2023.
The is also a growing interest in the stocks of the company, according to a recent report by MarketBeat.
Tectonic Advisors LLC increased its position in FedEx by 4.6% during Q2, according to its recent SEC disclosure. They now hold 18,644 shares of the shipping provider’s stock, worth $4,622,000, following the acquisition of 823 additional shares.
Other hedge funds have also adjusted their positions in the company. Norges Bank acquired a new stake worth $388,787,000 in FedEx during the fourth quarter. Mizuho Markets Americas LLC purchased a new stake in the first quarter, valued at $314,712,000. Mizuho Markets Cayman LP substantially increased its stake in FedEx during the first quarter. It now owns 1,377,356 shares worth $314,712,000 after acquiring an additional 1,375,230 shares.
Meanwhile, Morgan Stanley boosted its stake by 19.6% during the fourth quarter, holding 3,412,956 shares valued at $591,124,000 following an acquisition of 559,607 shares. Among those that increased their shares was Arrowstreet Capital Limited Partnership. The firm boosted its holdings by 34.5% during the fourth quarter. After purchasing an additional 500,361 shares, it currently owns 1,951,974 shares worth $338,082,000.
Following these purchases, institutional investors collectively hold 73.61% of the company’s stock.
FedEx executives sell their shares
In other news, executives of FedEx have been actively selling a portion of their shares. For instance, the company’s Vice President Jennifer L. Johnson sold 10,801 shares of FedEx stock on June 27th at an average price of $238.61, totaling $2,577,226.61. Following this sale, the vice president holds 3,196 shares of the company’s stock, valued at $762,597.56.
Another notable sale came from Executive Vice President Michael C. Lenz, who sold 5,745 shares on July 20th at an average price of $261.88. The total transaction value of the sale was $1,504,500.60. Following this transaction, he now holds 22,478 shares, valued at $5,886,538.64.
As per the MarketBeat report, insiders have collectively sold 35,816 shares over the last 90 days. The value of these transactions was $8,822,14. After these sales, company insiders hold 8.73% of the FedEx stock.
FDX Stock Price Surges
The FedEx stock price has seen significant surges over the past year. According to TradingView charts, its price has jumped over 80% since Sep. 26, 2022.
In the past week alone, the FDX stock price has gained nearly 5%, indicating growing confidence among investors.
Over the past 24 hours, FedEx stock rose 4.23%, crossing the $262 mark. At the time of writing, the company has a market capitalization of over $63 billion.
The firm’s 50-day moving average is $260.57, while the two-hundred-day moving average is $224.34. FedEx has a 52-week low of $141.92 and a 52-week high of $270.95.
When it comes to FedEx earnings, the company generated $21.68 billion in revenue for the quarter. This is slightly lower than analysts’ expectations of $21.74 billion. FedEx recorded a return on equity of 15.32% and a net margin of 4.41%. Quarterly revenue decreased by 6.5% compared to the same period last year. Analysts anticipate FedEx will post 17.37 EPS for the current fiscal year.
Additionally, the company announced that it will pay its quarterly dividend on October 2nd.
Meanwhile, according to reports, the company has succeeded in poaching customers from rivals such as UPS and Yellow. As a result, operating income in FedEx’s division responsible for delivering packages for retailers such as Walmart surged by 59% in the quarter ending on August 31st.
