FedEx (FDX) closed the most recent trading day at $302.58, moving -0.25% from the previous trading session. This move lagged the S&P 500's daily gain of 0.02%.Prior to today's trading, shares of the package delivery company had lost 1.92% over the past month. This has was narrower than the Transportation sector's loss of 2.04% and lagged the S&P 500's gain of 0.04% in that time.Investors will be hoping for strength from FDX as it approaches its next earnings release, which is expected to be June 24, 2021. On that day, FDX is projected to report earnings of $4.98 per share, which would represent year-over-year growth of 96.84%. Our most recent consensus estimate is calling for quarterly revenue of $21.42 billion, up 23.41% from the year-ago period.It is also important to note the recent changes to analyst estimates for FDX. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.7% higher within the past month. FDX is currently a Zacks Rank #3 (Hold).Investors should also note FDX's current valuation metrics, including its Forward P/E ratio of 14.9. This represents a premium compared to its industry's average Forward P/E of 14.85.We can also see that FDX currently has a PEG ratio of 1.24. 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. FDX's industry had an average PEG ratio of 1.51 as of yesterday's close.The Transportation - Air Freight and Cargo industry is part of the Transportation sector. This group has a Zacks Industry Rank of 29, putting it in the top 12% 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.To follow FDX in the coming trading sessions, be sure to utilize 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.