FedEx (FDX) closed the most recent trading day at $165.14, moving -0.22% from the previous trading session. This change lagged the S&P 500's 0.58% gain on the day. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.24%.Heading into today, shares of the package delivery company had gained 19% over the past month, outpacing the Transportation sector's gain of 5.43% and the S&P 500's gain of 5.34% in that time.Wall Street will be looking for positivity from FDX as it approaches its next earnings report date. On that day, FDX is projected to report earnings of $2.28 per share, which would represent a year-over-year decline of 25.25%. Our most recent consensus estimate is calling for quarterly revenue of $17.25 billion, up 1.19% from the year-ago period.FDX's full-year Zacks Consensus Estimates are calling for earnings of $10.03 per share and revenue of $70.93 billion. These results would represent year-over-year changes of +5.58% and +2.47%, respectively.It is also important to note the recent changes to analyst estimates for FDX. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 5.54% higher within the past month. FDX is holding a Zacks Rank of #3 (Hold) right now.Valuation is also important, so investors should note that FDX has a Forward P/E ratio of 16.5 right now. This represents a discount compared to its industry's average Forward P/E of 16.62.Also, we should mention that FDX has a PEG ratio of 1.38. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FDX's industry had an average PEG ratio of 2.15 as of yesterday's close.The Transportation - Air Freight and Cargo industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 60, which puts it in the top 24% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FedEx Corporation (FDX): Free Stock Analysis Report To read this article on Zacks.com click here.