Expeditors International of Washington (NASDAQ:EXPD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $74.00 price target on the transportation company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.97% from the stock’s current price.
According to Zacks, “Shares of Expeditors have outperformed its industry over the past year. The company has been benefitting from volume growth across all its primary divisions. Its efforts to reward shareholders through dividend payments and buybacks are encouraging. The company hiked its dividend payout by 5% in May 2017. The company's sound balance sheet is also encouraging. Its asset-light business model allows it to maintain a debt-free balance sheet. The positive sentiment surrounding the stock can be gauged from the fact that the Zacks Consensus Estimate for fourth-quarter earnings has been revised 3.2% upward over the last 90 days. However, high operating expenses are a cause of concern for Expeditors. High operating expenses have the potantial to hurt the bottom line in the fourth quarter as well. “
EXPD has been the topic of several other reports. Credit Suisse Group upped their target price on Expeditors International of Washington from $51.00 to $56.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 8th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $68.00 target price on shares of Expeditors International of Washington in a research report on Thursday. Barclays reaffirmed a “buy” rating and issued a $70.00 target price on shares of Expeditors International of Washington in a research report on Tuesday, January 9th. Cowen reaffirmed a “market perform” rating and issued a $58.00 target price (up from $54.00) on shares of Expeditors International of Washington in a research report on Wednesday, November 8th. Finally, Goldman Sachs Group began coverage on Expeditors International of Washington in a research report on Monday, November 13th. They issued a “neutral” rating and a $59.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $63.88.
Expeditors International of Washington (NASDAQ EXPD) traded up $0.02 during trading hours on Friday, reaching $66.09. The company had a trading volume of 691,900 shares, compared to its average volume of 979,608. The firm has a market capitalization of $11,740.82, a price-to-earnings ratio of 27.65, a price-to-earnings-growth ratio of 3.11 and a beta of 0.72. Expeditors International of Washington has a 52-week low of $51.57 and a 52-week high of $66.83.
Expeditors International of Washington (NASDAQ:EXPD) last posted its quarterly earnings results on Tuesday, November 7th. The transportation company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.06. The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.72 billion. Expeditors International of Washington had a return on equity of 22.32% and a net margin of 6.50%. Expeditors International of Washington’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 earnings per share. sell-side analysts predict that Expeditors International of Washington will post 2.41 EPS for the current year.
In other news, insider Eugene K. Alger sold 10,269 shares of the company’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $60.40, for a total transaction of $620,247.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.78% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in EXPD. Sei Investments Co. boosted its stake in Expeditors International of Washington by 3.9% during the 3rd quarter. Sei Investments Co. now owns 414,596 shares of the transportation company’s stock valued at $24,819,000 after purchasing an additional 15,391 shares during the period. Stifel Financial Corp boosted its stake in Expeditors International of Washington by 5.3% during the 2nd quarter. Stifel Financial Corp now owns 86,500 shares of the transportation company’s stock valued at $4,897,000 after purchasing an additional 4,333 shares during the period. Gotham Asset Management LLC boosted its stake in Expeditors International of Washington by 23.9% during the 2nd quarter. Gotham Asset Management LLC now owns 298,543 shares of the transportation company’s stock valued at $16,862,000 after purchasing an additional 57,521 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Expeditors International of Washington by 22.3% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 92,782 shares of the transportation company’s stock valued at $5,554,000 after purchasing an additional 16,910 shares during the period. Finally, Rhumbline Advisers boosted its stake in Expeditors International of Washington by 2.4% during the 3rd quarter. Rhumbline Advisers now owns 434,286 shares of the transportation company’s stock valued at $25,996,000 after purchasing an additional 10,188 shares during the period. Institutional investors own 93.65% of the company’s stock.
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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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