Expeditors International of Washington Inc. (NASDAQ:EXPD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

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.”

A number of other brokerages also recently issued reports on EXPD. Stifel Nicolaus upgraded Expeditors International of Washington from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Thursday, August 25th. Credit Suisse Group AG restated a “sell” rating and set a $46.00 price target on shares of Expeditors International of Washington in a report on Wednesday, August 3rd. Finally, Wolfe Research downgraded Expeditors International of Washington from a “peer perform” rating to an “underperform” rating in a report on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $50.91.

Shares of Expeditors International of Washington (NASDAQ:EXPD) traded up 0.93% during mid-day trading on Tuesday, hitting $51.91. The stock had a trading volume of 860,247 shares. The firm has a market cap of $9.40 billion, a PE ratio of 21.70 and a beta of 0.78. Expeditors International of Washington has a 52-week low of $40.41 and a 52-week high of $52.58. The stock’s 50-day moving average price is $51.01 and its 200-day moving average price is $49.54.

Expeditors International of Washington (NASDAQ:EXPD) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. Expeditors International of Washington had a return on equity of 25.10% and a net margin of 7.25%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the business earned $0.61 EPS. Expeditors International of Washington’s revenue was down 12.8% compared to the same quarter last year. On average, analysts anticipate that Expeditors International of Washington will post $2.43 earnings per share for the current fiscal year.

In other news, Director Michael J. Malone sold 26,646 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $51.00, for a total value of $1,358,946.00. Following the sale, the director now directly owns 108,786 shares of the company’s stock, valued at approximately $5,548,086. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.86% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Aperio Group LLC boosted its stake in shares of Expeditors International of Washington by 12.9% in the first quarter. Aperio Group LLC now owns 70,099 shares of the company’s stock worth $3,422,000 after buying an additional 8,015 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Expeditors International of Washington by 1.0% in the first quarter. TIAA CREF Investment Management LLC now owns 606,523 shares of the company’s stock worth $29,604,000 after buying an additional 6,268 shares during the last quarter. BlackRock Group LTD raised its position in shares of Expeditors International of Washington by 3.7% in the first quarter. BlackRock Group LTD now owns 1,480,172 shares of the company’s stock worth $72,247,000 after buying an additional 53,173 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Expeditors International of Washington by 3.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,952,479 shares of the company’s stock worth $241,730,000 after buying an additional 150,169 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Expeditors International of Washington by 36.6% in the first quarter. JPMorgan Chase & Co. now owns 1,356,987 shares of the company’s stock worth $66,235,000 after buying an additional 363,589 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other 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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