Bank of America Corp DE Purchases 21,400 Shares of Expeditors International of Washington, Inc. $EXPD

Key Points

• Bank of America increased its Expeditors International stake by 21,400 shares in the second quarter, bringing its holdings to 2.59 million shares valued at approximately $421.5 million, or 1.99% of the company.
• Institutional investors own about 94% of Expeditors’ outstanding shares, with several other funds initiating or expanding positions during the quarter.
• Expeditors reported quarterly EPS of $2.03, exceeding estimates of $1.69, while revenue rose 32.1% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $168.78.

Bank of America Corp DE grew its holdings in shares of Expeditors International of Washington, Inc. (NASDAQ:EXPD - Free Report) by 0.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,585,934 shares of the transportation company's stock after purchasing an additional 21,400 shares during the period. Bank of America Corp DE owned approximately 1.99% of Expeditors International of Washington worth $421,456,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Caisse de depot et placement du Quebec bought a new stake in shares of Expeditors International of Washington in the second quarter worth $169,665,000. Man Group plc bought a new stake in Expeditors International of Washington during the 2nd quarter valued at approximately $11,939,000. Roberts Glore & Co. Inc. IL purchased a new position in shares of Expeditors International of Washington in the second quarter worth $4,071,000. Jupiter Topco LLC purchased a new stake in Expeditors International of Washington in the 2nd quarter worth $2,678,000. Finally, J. Goldman & Co LP purchased a new stake in shares of Expeditors International of Washington in the second quarter worth about $12,868,000. Institutional investors own 94.02% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Stifel Nicolaus increased their price target on shares of Expeditors International of Washington from $154.00 to $158.00 and gave the company a "hold" rating in a report on Wednesday, July 15th. Citizens Jmp initiated coverage on shares of Expeditors International of Washington in a research report on Wednesday, July 15th. They set a "market perform" rating on the stock. Bank of America lifted their price objective on Expeditors International of Washington from $181.00 to $189.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Truist Financial upped their target price on Expeditors International of Washington from $145.00 to $175.00 and gave the stock a "hold" rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. raised shares of Expeditors International of Washington from an "underweight" rating to a "neutral" rating and set a $200.00 price objective on the stock in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $168.78.

Expeditors International of Washington Stock Performance

Shares of Expeditors International of Washington stock opened at $193.96 on Wednesday. The company has a market cap of $25.21 billion, a P/E ratio of 33.91, a price-to-earnings-growth ratio of 5.00 and a beta of 1.06. The firm has a 50-day simple moving average of $181.92 and a two-hundred day simple moving average of $163.02. Expeditors International of Washington, Inc. has a fifty-two week low of $112.94 and a fifty-two week high of $194.59.

Expeditors International of Washington (NASDAQ:EXPD - Get Free Report) last announced its earnings results on Tuesday, August 4th. The transportation company reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.34. Expeditors International of Washington had a net margin of 7.64% and a return on equity of 36.16%. The company's revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period last year, the business earned $1.34 EPS. Equities research analysts forecast that Expeditors International of Washington, Inc. will post 5.39 EPS for the current year.

About Expeditors International of Washington

Expeditors International of Washington, Inc is a global logistics and supply chain management company headquartered in Seattle, Washington. The company provides transportation and related services that help businesses move goods through international and domestic supply chains.

Its primary services include airfreight and ocean-freight forwarding, customs brokerage, cargo consolidation, warehousing and distribution, order management, and other supply chain solutions. Expeditors also offers technology-enabled shipment visibility and logistics coordination designed to support customers' import, export, and distribution activities.

Founded in 1979, Expeditors serves a broad range of industries through a network of offices and facilities across North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific region.

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