Zacks Investment Research cut shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) from a hold rating to a sell rating in a report issued on Wednesday, August 2nd.
According to Zacks, “Echo Global Logistics is a leading provider of technology enabled transportation and supply chain management services, delivered on a proprietary technology platform, serving the transportation and logistics needs of its clients. The company’s web-based technology platform compiles and analyzes data from its network of over 22,000 transportation providers to serve its clients’ shipping and freight management needs. Echo procures transportation and provides logistics services for more than 11,600 clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. Echo Global Logistics, Inc. is headquartered in Chicago, Illinois. “
A number of other brokerages also recently weighed in on ECHO. Macquarie reaffirmed an outperform rating and issued a $29.00 target price on shares of Echo Global Logistics in a research note on Monday, July 10th. Cowen and Company dropped their target price on shares of Echo Global Logistics from $25.00 to $23.00 and set an outperform rating for the company in a research note on Thursday, April 27th. Susquehanna Bancshares Inc raised shares of Echo Global Logistics from a neutral rating to a positive rating in a research note on Thursday, April 13th. UBS AG raised shares of Echo Global Logistics from a neutral rating to a positive rating in a research note on Thursday, April 13th. Finally, Stifel Nicolaus reaffirmed a buy rating on shares of Echo Global Logistics in a research note on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $20.14.
Echo Global Logistics (ECHO) traded down 1.07% on Wednesday, reaching $13.90. The company had a trading volume of 502,213 shares. Echo Global Logistics has a 52-week low of $13.00 and a 52-week high of $28.90. The stock’s 50-day moving average price is $17.56 and its 200 day moving average price is $19.99. The firm’s market capitalization is $396.62 million.
Echo Global Logistics (NASDAQ:ECHO) last released its quarterly earnings results on Thursday, July 27th. The transportation company reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.02. The firm had revenue of $470.10 million during the quarter, compared to analyst estimates of $470.25 million. Echo Global Logistics had a negative net margin of 0.21% and a positive return on equity of 3.22%. Echo Global Logistics’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 earnings per share. On average, equities analysts anticipate that Echo Global Logistics will post $0.59 earnings per share for the current fiscal year.
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Echo Global Logistics announced that its Board of Directors has approved a stock buyback plan on Monday, May 1st that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the transportation company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In other Echo Global Logistics news, COO David B. Menzel sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $19.48, for a total value of $194,800.00. Following the completion of the sale, the chief operating officer now owns 163,141 shares of the company’s stock, valued at $3,177,986.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.10% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in Echo Global Logistics by 20.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,807,045 shares of the transportation company’s stock valued at $35,960,000 after buying an additional 309,610 shares during the period. Parametric Portfolio Associates LLC boosted its position in Echo Global Logistics by 71.6% in the second quarter. Parametric Portfolio Associates LLC now owns 74,288 shares of the transportation company’s stock valued at $1,478,000 after buying an additional 31,006 shares during the period. ETRADE Capital Management LLC boosted its position in Echo Global Logistics by 1.0% in the second quarter. ETRADE Capital Management LLC now owns 39,327 shares of the transportation company’s stock valued at $783,000 after buying an additional 407 shares during the period. Vanguard Group Inc. boosted its position in Echo Global Logistics by 3.2% in the second quarter. Vanguard Group Inc. now owns 1,472,288 shares of the transportation company’s stock valued at $29,299,000 after buying an additional 45,347 shares during the period. Finally, Northern Trust Corp boosted its position in Echo Global Logistics by 51.7% in the second quarter. Northern Trust Corp now owns 623,201 shares of the transportation company’s stock valued at $12,401,000 after buying an additional 212,341 shares during the period. Institutional investors own 90.74% of the company’s stock.
Echo Global Logistics Company Profile
Echo Global Logistics, Inc is a provider of technology-enabled transportation and supply chain management solutions. The Company utilizes a technology platform to compile and analyze data from its multi-modal network of transportation providers to facilitate its transportation and logistics services.
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