Expeditors International of Washington Inc. (EXPD) Downgraded to Hold at Zacks Investment Research
According to Zacks, “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. We are also encouraged by the the company's bottom-line outperformance in the second quarter, which marked an impressive rebound from the first quarter wherein the company’s earnings had missed the consensus mark and had also declined year over year. However, Expeditors continues to struggle with respect to the top line. Revenues not only fell short of the Zacks Consensus Estimate in the second quarter of 2016 but also declined 13% year over year, due to soft air freight and ocean freight revenues. We expect the cimpany's top line to remain under pressure in the third quarter as well. However, we are encouraged by Expeditors’ sound balance sheet. The company’s asset-light business model allows it to maintain a debt-free balance sheet.”
Several other research firms also recently commented on EXPD. Stifel Nicolaus raised shares of Expeditors International of Washington from a hold rating to a buy rating and set a $56.00 target price on the stock in a report on Thursday, August 25th. Credit Suisse Group AG reissued a sell rating and issued a $46.00 target price on shares of Expeditors International of Washington in a report on Wednesday, August 3rd. Finally, Wolfe Research downgraded shares of Expeditors International of Washington from a peer perform rating to an underperform rating in a report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $50.91.
Expeditors International of Washington (NASDAQ:EXPD) traded up 0.19% on Tuesday, hitting $51.87. 454,638 shares of the stock were exchanged. Expeditors International of Washington has a 12 month low of $40.41 and a 12 month high of $52.58. The company has a 50-day moving average of $51.03 and a 200-day moving average of $49.56. The stock has a market cap of $9.39 billion, a price-to-earnings ratio of 21.68 and a beta of 0.78.
Expeditors International of Washington (NASDAQ:EXPD) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.04. The business earned $1.50 billion during the quarter, compared to analyst estimates of $1.52 billion. Expeditors International of Washington had a net margin of 7.25% and a return on equity of 25.10%. The company’s revenue was down 12.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.61 earnings per share. On average, equities analysts predict that Expeditors International of Washington will post $2.43 EPS for the current year.
In related news, Director Michael J. Malone sold 26,646 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $51.00, for a total transaction of $1,358,946.00. Following the sale, the director now owns 108,786 shares of the company’s stock, valued at $5,548,086. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.86% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in EXPD. Vanguard Group Inc. boosted its position in 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. Loomis Sayles & Co. L P boosted its position in 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. Fiduciary Management Inc. WI boosted its position in Expeditors International of Washington by 4.3% in the first quarter. Fiduciary Management Inc. WI now owns 10,531,324 shares of the company’s stock worth $514,034,000 after buying an additional 438,366 shares during the period. State Street Corp boosted its position in Expeditors International of Washington by 0.4% in the first quarter. State Street Corp now owns 9,621,776 shares of the company’s stock worth $469,639,000 after buying an additional 36,998 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Expeditors International of Washington by 1.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,017,481 shares of the company’s stock worth $246,057,000 after buying an additional 65,002 shares during the period. 92.13% of the stock is currently owned by institutional investors.
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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