FedEx (FDX) closed the most recent trading day at $259.13, moving +0.65% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.11%. Meanwhile, the Dow lost 0.03%, and the Nasdaq, a tech-heavy index, added 0.14%.Heading into today, shares of the package delivery company had gained 4.1% over the past month, outpacing the Transportation sector's loss of 0.55% and the S&P 500's gain of 2.46% in that time.Investors will be hoping for strength from FDX as it approaches its next earnings release. On that day, FDX is projected to report earnings of $3.25 per share, which would represent year-over-year growth of 130.5%. Our most recent consensus estimate is calling for quarterly revenue of $19.72 billion, up 12.77% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $17.24 per share and revenue of $79.09 billion, which would represent changes of +81.47% and +14.26%, respectively, from the prior year.Investors might also notice recent changes to analyst estimates for FDX. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.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.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. FDX is currently a Zacks Rank #3 (Hold).Digging into valuation, FDX currently has a Forward P/E ratio of 14.79. Its industry sports an average Forward P/E of 15.33, so we one might conclude that FDX is trading at a discount comparatively.Investors should also note that FDX has a PEG ratio of 1.23 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Transportation - Air Freight and Cargo was holding an average PEG ratio of 1.69 at yesterday's closing price.The Transportation - Air Freight and Cargo industry is part of the Transportation sector. This group has a Zacks Industry Rank of 123, putting it in the top 49% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much 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. Zacks Investment Research