Expeditors International of Washington (NASDAQ:EXPD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, Zacks.com reports. They currently have a $78.00 target price on the transportation company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 7.00% from the company’s current price.
According to Zacks, “Expeditors has an impressive earnings surprise history. Notably, the bottom line outpaced the Zacks Consensus Estimate in three of the trailing four quarters, the average beat being 6.6%. Measures to reward its shareholders through dividends and buybacks are also encouraging. Evidently, this May, Expeditors announced an 11.1% hike in semi-annual cash dividend. However, slowdown in global trade due to Sino-U.S. trade tensions is a concern as the company has significant exposure to China. Due to trade issues, key units like Airfreight Services are suffering. This, in turn, is hurting the top line. Rising operating expenses are an added downside. Moreover, operating costs rose 4.2% year over year in the first nine months of 2019 despite modest fuel prices. Due to the headwinds, shares of Expeditors have underperformed its industry year to date.”
Several other equities analysts also recently weighed in on the stock. BidaskClub downgraded shares of Expeditors International of Washington from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Barclays downgraded shares of Expeditors International of Washington from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $78.00 to $72.00 in a research note on Wednesday, October 2nd. They noted that the move was a valuation call. Robert W. Baird upped their price target on Expeditors International of Washington from $77.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Stifel Nicolaus decreased their target price on Expeditors International of Washington from $73.00 to $72.00 and set a “hold” rating for the company in a report on Monday, August 5th. Finally, Cowen reissued a “hold” rating and set a $78.00 target price on shares of Expeditors International of Washington in a research report on Tuesday, November 5th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Expeditors International of Washington presently has a consensus rating of “Hold” and an average price target of $73.56.
Expeditors International of Washington (NASDAQ:EXPD) last announced its quarterly earnings data on Tuesday, November 5th. The transportation company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.01. The business had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Expeditors International of Washington had a return on equity of 30.20% and a net margin of 7.56%. The firm’s quarterly revenue was down .8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.92 EPS. Analysts expect that Expeditors International of Washington will post 3.51 earnings per share for the current fiscal year.
In other news, CFO Bradley S. Powell sold 17,364 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $76.15, for a total transaction of $1,322,268.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Philip M. Coughlin sold 185,686 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.74, for a total transaction of $14,249,543.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 239,050 shares of company stock valued at $18,129,612. 1.20% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Advisors Inc. lifted its stake in shares of Expeditors International of Washington by 115.6% in the third quarter. Cornerstone Advisors Inc. now owns 345 shares of the transportation company’s stock worth $26,000 after acquiring an additional 185 shares in the last quarter. HM Payson & Co. purchased a new position in Expeditors International of Washington in the second quarter valued at about $26,000. Steward Partners Investment Advisory LLC acquired a new stake in Expeditors International of Washington during the 2nd quarter valued at approximately $33,000. Whittier Trust Co. grew its stake in Expeditors International of Washington by 67.3% during the 3rd quarter. Whittier Trust Co. now owns 460 shares of the transportation company’s stock valued at $34,000 after purchasing an additional 185 shares in the last quarter. Finally, CSat Investment Advisory L.P. grew its stake in Expeditors International of Washington by 124.4% during the 2nd quarter. CSat Investment Advisory L.P. now owns 680 shares of the transportation company’s stock valued at $51,000 after purchasing an additional 377 shares in the last quarter. 91.39% of the stock is currently owned by hedge funds and other institutional investors.
Expeditors International of Washington Company Profile
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.
Read More: Understanding the different types of bonds
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Expeditors International of Washington Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Expeditors International of Washington and related companies with MarketBeat.com's FREE daily email newsletter.