Zacks Investment Research Lowers Expeditors International of Washington (EXPD) to Sell

Zacks Investment Research cut shares of Expeditors International of Washington (NASDAQ:EXPD) from a hold rating to a sell rating in a report released on Tuesday.

According to Zacks, “Shares of Expeditors have underperformed the Zacks-categorized Transportation-Services industry over the last three months. Adding to its woes, the company reported lower-than-expected earnings per share in the first quarter of 2017. Moreover, earnings declined on a year-over-year basis due to higher costs. Revenues, however, beat the Zacks Consensus Estimate and also improved on a year-over-year basis. We are encouraged by Expeditors' efforts to reward shareholders through dividend payments and buybacks. The company hiked its dividend payout by 5% in May 2017. We are, however, concerned about the challenging conditions in the airfreight services market due to overcapacity woes. We are also concerned about the adverse impact of foreign currency movements.”

Other equities research analysts have also issued reports about the company. Vertical Research reaffirmed a hold rating and set a $63.00 target price on shares of Expeditors International of Washington in a research report on Thursday, April 13th. Wells Fargo & Co started coverage on Expeditors International of Washington in a research report on Monday, March 13th. They set a market perform rating for the company. Cowen and Company reaffirmed a market perform rating and set a $57.00 target price (up from $49.00) on shares of Expeditors International of Washington in a research report on Wednesday, February 22nd. Finally, Credit Suisse Group AG reaffirmed a sell rating and set a $52.00 target price on shares of Expeditors International of Washington in a research report on Wednesday, February 22nd. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $57.20.

Expeditors International of Washington (NASDAQ:EXPD) traded up 0.21% during trading on Tuesday, reaching $52.72. The company’s stock had a trading volume of 212,447 shares. Expeditors International of Washington has a 12-month low of $46.48 and a 12-month high of $57.74. The firm’s 50-day moving average price is $55.22 and its 200 day moving average price is $54.30. The company has a market capitalization of $9.50 billion, a P/E ratio of 22.53 and a beta of 0.64.

Expeditors International of Washington (NASDAQ:EXPD) last issued its earnings results on Tuesday, May 2nd. The transportation company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by $0.05. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.53 billion. Expeditors International of Washington had a net margin of 7.18% and a return on equity of 24.45%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the firm earned $0.53 earnings per share. On average, analysts predict that Expeditors International of Washington will post $2.36 earnings per share for the current fiscal year.

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The business also recently declared a semiannual dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be given a $0.42 dividend. This represents a dividend yield of 1.54%. This is a positive change from Expeditors International of Washington’s previous semiannual dividend of $0.40. The ex-dividend date is Tuesday, May 30th. Expeditors International of Washington’s payout ratio is presently 33.90%.

In other news, VP Christopher J. Mcclincy sold 1,274 shares of the business’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $56.62, for a total value of $72,133.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Malone sold 22,000 shares of the business’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $56.09, for a total value of $1,233,980.00. Following the completion of the transaction, the director now directly owns 22,402 shares of the company’s stock, valued at $1,256,528.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,635 shares of company stock valued at $2,339,698. Corporate insiders own 0.86% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can raised its position in Expeditors International of Washington by 0.3% in the third quarter. Great West Life Assurance Co. Can now owns 170,171 shares of the transportation company’s stock valued at $8,757,000 after buying an additional 463 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Expeditors International of Washington by 3.0% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 28,060 shares of the transportation company’s stock valued at $1,446,000 after buying an additional 827 shares during the last quarter. Chicago Equity Partners LLC bought a new position in Expeditors International of Washington during the third quarter valued at approximately $565,000. Rothschild Asset Management Inc. raised its position in Expeditors International of Washington by 32.8% in the third quarter. Rothschild Asset Management Inc. now owns 11,737 shares of the transportation company’s stock valued at $605,000 after buying an additional 2,898 shares during the last quarter. Finally, World Asset Management Inc raised its position in Expeditors International of Washington by 1.9% in the third quarter. World Asset Management Inc now owns 18,919 shares of the transportation company’s stock valued at $975,000 after buying an additional 360 shares during the last quarter. 90.76% of the stock is owned by hedge funds and other institutional investors.

About Expeditors International of Washington

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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