FedEx (FDX) to Release Quarterly Earnings on Wednesday

FedEx (NYSE:FDX) is scheduled to be posting its quarterly earnings results after the market closes on Wednesday, September 20th. Analysts expect FedEx to post earnings of $3.67 per share for the quarter. FedEx has set its FY24 guidance at $16.50-18.50 EPS.Individual that wish to register for the company’s earnings conference call can do so using this link.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Tuesday, June 20th. The shipping service provider reported $4.94 EPS for the quarter, beating the consensus estimate of $4.85 by $0.09. The company had revenue of $21.93 billion for the quarter, compared to analyst estimates of $22.55 billion. FedEx had a net margin of 4.41% and a return on equity of 15.32%. The firm’s revenue was down 10.1% on a year-over-year basis. During the same period in the prior year, the company earned $6.87 earnings per share. On average, analysts expect FedEx to post $17 EPS for the current fiscal year and $21 EPS for the next fiscal year.

FedEx Trading Down 1.3 %

Shares of FedEx stock opened at $251.47 on Wednesday. The firm has a market capitalization of $63.25 billion, a PE ratio of 16.22, a P/E/G ratio of 1.23 and a beta of 1.36. The company has a current ratio of 1.37, a quick ratio of 1.33 and a debt-to-equity ratio of 0.78. FedEx has a twelve month low of $141.92 and a twelve month high of $270.95. The firm’s 50-day moving average price is $260.68 and its 200 day moving average price is $237.25.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be issued a dividend of $1.26 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 2.00%. FedEx’s dividend payout ratio is currently 32.52%.

Insider Buying and Selling at FedEx

In other news, EVP Michael C. Lenz sold 5,745 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $261.88, for a total transaction of $1,504,500.60. Following the sale, the executive vice president now directly owns 22,478 shares in the company, valued at $5,886,538.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other FedEx news, EVP Michael C. Lenz sold 5,745 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $261.88, for a total value of $1,504,500.60. Following the transaction, the executive vice president now directly owns 22,478 shares of the company’s stock, valued at $5,886,538.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Robert B. Carter sold 19,270 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $246.00, for a total value of $4,740,420.00. Following the completion of the transaction, the executive vice president now directly owns 58,875 shares in the company, valued at $14,483,250. The disclosure for this sale can be found here. Insiders have sold a total of 35,816 shares of company stock worth $8,822,147 over the last 90 days. Insiders own 8.73% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FDX. Norges Bank bought a new position in shares of FedEx during the 4th quarter valued at about $388,787,000. Morgan Stanley grew its position in shares of FedEx by 19.6% in the 4th quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock worth $591,124,000 after buying an additional 559,607 shares during the last quarter. Scopus Asset Management L.P. grew its stake in FedEx by 248.3% in the first quarter. Scopus Asset Management L.P. now owns 505,000 shares of the shipping service provider’s stock worth $115,387,000 after purchasing an additional 360,000 shares during the period. Thompson Siegel & Walmsley LLC grew its stake in FedEx by 62,657.7% in the third quarter. Thompson Siegel & Walmsley LLC now owns 219,652 shares of the shipping service provider’s stock worth $32,612,000 after purchasing an additional 219,302 shares during the period. Finally, Holocene Advisors LP purchased a new stake in FedEx in the second quarter worth $36,506,000. Institutional investors own 73.61% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on FDX shares. Stephens reiterated an “overweight” rating and set a $290.00 price target on shares of FedEx in a research note on Friday, August 11th. Credit Suisse Group dropped their price objective on shares of FedEx from $273.00 to $265.00 in a research note on Wednesday, June 21st. JPMorgan Chase & Co. boosted their price target on shares of FedEx from $228.00 to $251.00 in a research note on Wednesday, June 21st. StockNews.com initiated coverage on shares of FedEx in a report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Stifel Nicolaus boosted their price objective on shares of FedEx from $259.00 to $288.00 in a report on Wednesday, July 26th. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $249.50.

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.