5 Best Freight Stocks to Buy Now

2. FedEx Corporation (NYSE:FDX)

Number of Hedge Fund Holders: 63

Memphis, Tennessee-based, FedEx Corporation (NYSE:FDX) provides transportation, e-commerce, and business services. Its business segments include FedEx Express – offering express delivery services across the world, FedEx Ground – small-package ground delivery services provider in North America, and FedEx Freight – less-than-truckload freight transportation services provider in North America.

In September, FedEx Corporation (NYSE:FDX) released its financial results for the quarter ended August 31, 2022. Its revenue increased by 6% y-o-y to $23.2 billion, while its net income declined by 21% y-o-y to $875 million. The normalized EPS was recorded at $3.44 for the quarter, missing the consensus by $1.70.

On October 11, Credit Suisse analyst Ariel Rosa lowered the price target on FedEx Corporation (NYSE:FDX) shares to $205 from $236 and maintained an ‘Outperform’ rating on the shares.

As of Q2 2022, 63 of the 895 hedge funds tracked by Insider Monkey were long FedEx Corporation (NYSE:FDX), holding shares worth $1.8 billion. Ken Griffin’s Citadel Investment Group was the largest shareholder.

Follow Fedex Corp (NYSE:FDX)