Expeditors International of Washington (NASDAQ:EXPD) Sees Significant Drop in Short Interest

Expeditors International of Washington (NASDAQ:EXPD) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 4,655,300 shares, a drop of 12.2% from the July 31st total of 5,302,800 shares. Approximately 2.7% of the company’s stock are short sold. Based on an average daily trading volume, of 1,060,000 shares, the days-to-cover ratio is presently 4.4 days.

Several equities analysts recently issued reports on EXPD shares. BidaskClub raised shares of Expeditors International of Washington from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Seaport Global Securities reissued a “neutral” rating on shares of Expeditors International of Washington in a report on Friday, May 17th. Zacks Investment Research raised shares of Expeditors International of Washington from a “hold” rating to a “buy” rating and set a $78.00 price objective on the stock in a report on Tuesday. UBS Group set a $67.00 price objective on shares of Expeditors International of Washington and gave the company a “sell” rating in a report on Wednesday, August 7th. Finally, Loop Capital started coverage on shares of Expeditors International of Washington in a report on Thursday, May 30th. They set a “hold” rating and a $78.00 price objective on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. Expeditors International of Washington currently has a consensus rating of “Hold” and an average target price of $73.13.

NASDAQ EXPD traded up $0.01 on Thursday, hitting $75.86. The stock had a trading volume of 10,226 shares, compared to its average volume of 1,068,623. The business’s fifty day moving average price is $72.35 and its 200 day moving average price is $74.57. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.12 and a quick ratio of 2.12. Expeditors International of Washington has a 52-week low of $62.90 and a 52-week high of $80.69. The stock has a market cap of $12.63 billion, a price-to-earnings ratio of 21.65 and a beta of 0.96.

Expeditors International of Washington (NASDAQ:EXPD) last released its quarterly earnings results on Tuesday, August 6th. The transportation company reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.08. Expeditors International of Washington had a net margin of 7.57% and a return on equity of 31.26%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same period in the previous year, the company earned $0.79 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Expeditors International of Washington will post 3.53 EPS for the current year.

In related news, Director Sidney E. Harris sold 1,860 shares of Expeditors International of Washington stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $134.50, for a total transaction of $250,170.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eugene K. Alger sold 39,000 shares of Expeditors International of Washington stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $71.24, for a total transaction of $2,778,360.00. Following the transaction, the insider now directly owns 48,787 shares in the company, valued at $3,475,585.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,860 shares of company stock worth $5,586,330. 1.20% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Expeditors International of Washington by 0.9% during the second quarter. Vanguard Group Inc. now owns 21,383,240 shares of the transportation company’s stock worth $1,622,132,000 after buying an additional 191,817 shares during the period. BlackRock Inc. lifted its stake in shares of Expeditors International of Washington by 3.7% during the second quarter. BlackRock Inc. now owns 15,364,822 shares of the transportation company’s stock worth $1,165,576,000 after buying an additional 546,889 shares during the period. Commonwealth Bank of Australia lifted its stake in shares of Expeditors International of Washington by 2.8% during the second quarter. Commonwealth Bank of Australia now owns 4,298,296 shares of the transportation company’s stock worth $326,048,000 after buying an additional 118,440 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Expeditors International of Washington by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 2,626,370 shares of the transportation company’s stock worth $199,237,000 after buying an additional 20,817 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Expeditors International of Washington by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 2,625,188 shares of the transportation company’s stock worth $178,482,000 after buying an additional 113,850 shares during the period. 93.15% of the stock is currently owned by institutional investors and hedge funds.

About Expeditors International of Washington

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, including 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, temperature-controlled transit, cargo insurance, and other logistics solutions.

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