FedEx Corp. (NYSE: FDX) shares were up slightly on Monday after the company announced that it would raise shipping rates to kick off 2019. The rate increases apply to all its subsidiaries, FedEx Express, FedEx Ground and FedEx Freight, and will be effective January 7, 2019.
FedEx Express shipping rates will increase by an average of 4.9% for U.S. domestic, U.S. export and U.S. import services.
FedEx Ground and FedEx Home Delivery shipping rates will increase by an average of 4.9%. FedEx SmartPost shipping rates also will increase.
FedEx Freight shipping rates will increase by an average of 5.9%. This rate change applies to eligible FedEx Freight shipments within the United States (including Alaska, Hawaii, Puerto Rico and the U.S. Virgin Islands), between the contiguous United States and Canada, within Canada, between the contiguous United States and Mexico, and within Mexico.
Over the past 52 weeks, FedEx stock has underperformed the broad markets, with shares down 1.6% in this time. In just 2018 alone, the stock is down over 11%.
Shares of FedEx were last seen up less than 1% at $223.28, with a consensus analyst price target of $287.96. The 52-week trading range is $207.90 to $274.66.