The Zacks Investment Research Upgrades Expeditors International of Washington Inc. (EXPD) to “Hold”

The Zacks Investment Research Upgrades Expeditors International of Washington Inc. (EXPD) to “Hold”

Expeditors International of Washington Inc. (NASDAQ:EXPD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Shares of Expeditors have outperformed the broader  industry over the last three months. We are encouraged by Expeditors' efforts to reward shareholders through dividend payments and buybacks.  The company hiked its dividend payout by 11.1% in May 2016. However, Expeditors continues to be hurt by soft air freight and ocean freight revenues owing to the slowdown in global trade. Pricing woes are resulting in weak airfreight services revenues. Airfreight services are the largest contributor to the company's top line. The airfreight market is expected to remain challenged going forward due to overcapacity woes.  We are also concerned about the impact of adverse foreign exchange movement on the company's performance. Fourth quarter results are scheduled to be out on Feb 21.”

Separately, Barclays PLC reissued a “buy” rating on shares of Expeditors International of Washington in a report on Wednesday, November 9th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $52.71.

Expeditors International of Washington (NASDAQ:EXPD) opened at 53.72 on Tuesday. The company’s 50-day moving average price is $53.91 and its 200 day moving average price is $51.59. Expeditors International of Washington has a one year low of $42.96 and a one year high of $56.37. The firm has a market capitalization of $9.69 billion, a PE ratio of 22.75 and a beta of 0.68.

Expeditors International of Washington (NASDAQ:EXPD) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by $0.06. The firm earned $1.56 billion during the quarter, compared to the consensus estimate of $1.58 billion. Expeditors International of Washington had a net margin of 7.18% and a return on equity of 24.45%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 earnings per share. On average, analysts forecast that Expeditors International of Washington will post $2.35 earnings per share for the current year.

In related news, Director Michael J. Malone sold 32,000 shares of the stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $51.13, for a total value of $1,636,160.00. Following the completion of the transaction, the director now directly owns 86,771 shares of the company’s stock, valued at approximately $4,436,601.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Malone sold 51,559 shares of the stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $51.63, for a total value of $2,661,991.17. Following the completion of the transaction, the director now directly owns 133,074 shares of the company’s stock, valued at $6,870,610.62. The disclosure for this sale can be found here. 0.86% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors raised its position in shares of Expeditors International of Washington by 30.3% in the second quarter. BlackRock Fund Advisors now owns 4,606,088 shares of the company’s stock worth $225,883,000 after buying an additional 1,071,140 shares during the period. Loomis Sayles & Co. L P raised its position in shares of Expeditors International of Washington by 6.1% in the second quarter. Loomis Sayles & Co. L P now owns 12,774,353 shares of the company’s stock worth $626,454,000 after buying an additional 729,235 shares during the period. Janus Capital Management LLC raised its position in shares of Expeditors International of Washington by 22.5% in the second quarter. Janus Capital Management LLC now owns 3,556,739 shares of the company’s stock worth $174,422,000 after buying an additional 653,220 shares during the period. Vanguard Group Inc. raised its position in shares of Expeditors International of Washington by 2.2% in the second quarter. Vanguard Group Inc. now owns 17,644,218 shares of the company’s stock worth $865,272,000 after buying an additional 386,771 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in shares of Expeditors International of Washington by 81.7% in the second quarter. Parametric Portfolio Associates LLC now owns 546,915 shares of the company’s stock worth $26,821,000 after buying an additional 245,889 shares during the period. 89.34% of the stock is owned by institutional investors and hedge funds.

About Expeditors International of Washington

Expeditors International of Washington, Inc is a logistics company. The Company is a third party logistics provider, and purchases cargo space from carriers, including airlines and ocean shipping lines on a volume basis and resells that space to its customers. The Company provides a range of customer solutions, such as order management, time-definite transportation, warehousing and distribution, temperature-controlled transit, cargo insurance and customized logistics solutions.

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