Expeditors International of Washington (NASDAQ:EXPD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage currently has a $74.00 price objective on the transportation company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.45% 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. “
Other analysts also recently issued reports about the stock. Barclays reaffirmed a “buy” rating and set a $70.00 price objective on shares of Expeditors International of Washington in a report on Tuesday, January 9th. Stifel Nicolaus reaffirmed a “hold” rating and set a $68.00 price objective on shares of Expeditors International of Washington in a report on Thursday. Cowen upped their price objective on shares of Expeditors International of Washington from $54.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday, November 8th. Goldman Sachs Group started coverage on shares of Expeditors International of Washington in a report on Monday, November 13th. They set a “neutral” rating and a $59.00 price objective for the company. Finally, UBS Group upped their price objective on shares of Expeditors International of Washington from $48.00 to $56.00 and gave the stock a “sell” rating in a report on Wednesday, November 8th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $63.88.
Expeditors International of Washington (NASDAQ:EXPD) last posted its quarterly earnings data on Tuesday, November 7th. The transportation company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.06. The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.72 billion. Expeditors International of Washington had a net margin of 6.50% and a return on equity of 22.32%. Expeditors International of Washington’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 EPS. equities research analysts forecast that Expeditors International of Washington will post 2.41 earnings per share for the current year.
In related news, insider Eugene K. Alger sold 10,269 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $60.40, for a total transaction of $620,247.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.78% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in EXPD. Canada Pension Plan Investment Board raised its stake in Expeditors International of Washington by 10,555.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,918 shares of the transportation company’s stock valued at $115,000 after purchasing an additional 1,900 shares during the last quarter. Merriman Wealth Management LLC acquired a new position in Expeditors International of Washington during the 3rd quarter valued at $208,000. Virtu Financial LLC acquired a new position in Expeditors International of Washington during the 3rd quarter valued at $212,000. Sigma Planning Corp acquired a new position in Expeditors International of Washington during the 3rd quarter valued at $216,000. Finally, Visionary Asset Management Inc. acquired a new position in Expeditors International of Washington during the 3rd quarter valued at $217,000. Hedge funds and other institutional investors own 93.65% of the company’s stock.
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Expeditors International of Washington Company Profile
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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