Summit Asset Management LLC Invests $1.26 Million in Expeditors International of Washington, Inc. $EXPD

Summit Asset Management LLC bought a new position in shares of Expeditors International of Washington, Inc. (NASDAQ:EXPD) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 7,726 shares of the transportation company’s stock, valued at approximately $1,259,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Swedbank AB grew its holdings in shares of Expeditors International of Washington by 153.5% during the fourth quarter. Swedbank AB now owns 29,678 shares of the transportation company’s stock worth $4,422,000 after purchasing an additional 17,969 shares during the last quarter. Arjuna Capital lifted its holdings in shares of Expeditors International of Washington by 37.0% in the 4th quarter. Arjuna Capital now owns 23,940 shares of the transportation company’s stock valued at $3,567,000 after purchasing an additional 6,471 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Expeditors International of Washington by 128.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,509 shares of the transportation company’s stock valued at $10,507,000 after purchasing an additional 39,658 shares during the last quarter. Forsta AP Fonden boosted its position in shares of Expeditors International of Washington by 81.4% in the 4th quarter. Forsta AP Fonden now owns 89,600 shares of the transportation company’s stock valued at $13,351,000 after purchasing an additional 40,200 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Expeditors International of Washington during the 4th quarter worth approximately $32,004,000. 94.02% of the stock is owned by institutional investors and hedge funds.

Expeditors International of Washington Stock Down 0.4%

EXPD opened at $186.38 on Friday. Expeditors International of Washington, Inc. has a 52 week low of $112.94 and a 52 week high of $189.87. The business has a 50 day moving average price of $170.83 and a two-hundred day moving average price of $157.80. The company has a market cap of $24.23 billion, a PE ratio of 32.58, a P/E/G ratio of 5.00 and a beta of 1.04.

Expeditors International of Washington (NASDAQ:EXPD) last announced its earnings results on Tuesday, August 4th. The transportation company reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.34. Expeditors International of Washington had a return on equity of 36.16% and a net margin of 7.64%.The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.34 EPS. As a group, sell-side analysts expect that Expeditors International of Washington, Inc. will post 5.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Citizens Jmp started coverage on Expeditors International of Washington in a research report on Wednesday, July 15th. They set a “market perform” rating on the stock. UBS Group increased their price objective on Expeditors International of Washington from $191.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Zacks Research upgraded shares of Expeditors International of Washington from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Barclays lifted their target price on shares of Expeditors International of Washington from $150.00 to $160.00 and gave the company an “underweight” rating in a report on Wednesday, August 5th. Finally, TD Cowen upped their price target on shares of Expeditors International of Washington from $148.00 to $176.00 and gave the company a “sell” rating in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $168.78.

Expeditors International of Washington Company Profile

Expeditors International of Washington is a global logistics and freight forwarding company headquartered in Seattle, Washington. The firm specializes in providing tailored supply chain solutions that encompass air, ocean and ground transportation. Through an integrated service model, Expeditors coordinates and manages the movement of goods for a diverse customer base, including manufacturers, retailers and technology companies.

The company’s core offerings include customs brokerage, cargo insurance, distribution and warehousing services, as well as vendor consolidation and inventory management.