Expeditors International of Washington (EXPD) Shares Gap Up on Strong Earnings

Shares of Expeditors International of Washington (NASDAQ:EXPD) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $66.97, but opened at $68.91. Expeditors International of Washington shares last traded at $71.44, with a volume of 2072718 shares changing hands.

The transportation company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.14. Expeditors International of Washington had a net margin of 7.50% and a return on equity of 26.73%. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm earned $0.66 EPS. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year.

Several research analysts have commented on the stock. Zacks Investment Research cut shares of Expeditors International of Washington from a “buy” rating to a “hold” rating in a research report on Friday, August 10th. Deutsche Bank assumed coverage on shares of Expeditors International of Washington in a research report on Tuesday, September 4th. They issued a “hold” rating and a $71.00 target price for the company. Stifel Nicolaus set a $73.00 target price on shares of Expeditors International of Washington and gave the stock a “hold” rating in a research report on Wednesday, August 8th. BidaskClub upgraded shares of Expeditors International of Washington from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, Credit Suisse Group decreased their target price on shares of Expeditors International of Washington from $67.00 to $65.00 and set an “underperform” rating for the company in a research report on Wednesday, August 8th. Four analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $67.50.

Several large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in shares of Expeditors International of Washington by 5.7% in the 2nd quarter. Bank of America Corp DE now owns 4,268,341 shares of the transportation company’s stock worth $312,015,000 after acquiring an additional 230,288 shares during the period. FMR LLC lifted its stake in shares of Expeditors International of Washington by 59.3% in the 2nd quarter. FMR LLC now owns 2,673,760 shares of the transportation company’s stock worth $195,452,000 after acquiring an additional 995,371 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Expeditors International of Washington by 22.3% in the 3rd quarter. Wells Fargo & Company MN now owns 2,647,122 shares of the transportation company’s stock worth $194,644,000 after acquiring an additional 482,976 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Expeditors International of Washington by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,246,677 shares of the transportation company’s stock worth $164,231,000 after acquiring an additional 13,030 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Expeditors International of Washington by 6.3% in the 2nd quarter. Morgan Stanley now owns 1,661,983 shares of the transportation company’s stock worth $121,491,000 after acquiring an additional 98,486 shares during the period. 93.96% of the stock is owned by institutional investors.

The company has a market cap of $12.06 billion, a P/E ratio of 28.81, a P/E/G ratio of 2.75 and a beta of 0.74.

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About Expeditors International of Washington (NASDAQ:EXPD)

Expeditors International of Washington, Inc provides logistics services in the Americas, North Asia, South Asia, Europe, the Middle East, Africa, and India. The company offers airfreight services, such as air freight consolidation and forwarding; ocean freight and ocean services, such as ocean freight consolidation, direct ocean forwarding, and order management; customs brokerage, intra-continental ground transportation and delivery, and warehousing and distribution services; and customs clearance, purchase order management, vendor consolidation, time-definite transportation services, cargo insurance, cargo monitoring and tracking, and other logistics solutions.

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