Echo Global Logistics, Inc. (NASDAQ:ECHO)‘s stock had its “market perform” rating reissued by William Blair in a research note issued to investors on Friday, July 28th.
ECHO has been the topic of several other research reports. ValuEngine raised shares of Echo Global Logistics from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Credit Suisse Group downgraded shares of Echo Global Logistics from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $14.00 in a report on Monday, July 31st. UBS AG raised shares of Echo Global Logistics from a “neutral” rating to a “positive” rating in a report on Thursday, April 13th. Barrington Research lowered their target price on shares of Echo Global Logistics from $28.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, July 31st. Finally, Macquarie reissued an “outperform” rating and issued a $29.00 target price on shares of Echo Global Logistics in a report on Monday, July 10th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Echo Global Logistics has a consensus rating of “Hold” and an average price target of $20.14.
Shares of Echo Global Logistics (NASDAQ:ECHO) opened at 14.00 on Friday. Echo Global Logistics has a 12-month low of $13.00 and a 12-month high of $28.90. The company’s market cap is $399.48 million. The company’s 50-day moving average is $16.75 and its 200-day moving average is $19.61.
Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings results on Thursday, July 27th. The transportation company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by $0.02. Echo Global Logistics had a negative net margin of 0.21% and a positive return on equity of 3.22%. The firm had revenue of $470.10 million for the quarter, compared to analysts’ expectations of $470.25 million. During the same period in the prior year, the firm earned $0.33 EPS. Echo Global Logistics’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities research analysts predict that Echo Global Logistics will post $0.59 earnings per share for the current year.
Echo Global Logistics announced that its Board of Directors has authorized a stock repurchase program on Monday, May 1st that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the transportation company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, COO David B. Menzel sold 10,000 shares of the business’s stock in a transaction 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 sale, the chief operating officer now owns 163,141 shares in the company, valued at $3,177,986.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.10% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Echo Global Logistics during the second quarter valued at $353,000. North Star Asset Management Inc. boosted its stake in shares of Echo Global Logistics by 4.2% in the second quarter. North Star Asset Management Inc. now owns 433,452 shares of the transportation company’s stock valued at $8,626,000 after buying an additional 17,352 shares in the last quarter. State Street Corp boosted its stake in shares of Echo Global Logistics by 2.1% in the second quarter. State Street Corp now owns 743,270 shares of the transportation company’s stock valued at $14,792,000 after buying an additional 15,352 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Echo Global Logistics during the second quarter valued at $14,062,000. Finally, Goldman Sachs Group Inc. purchased a new position in Echo Global Logistics during the second quarter worth $232,000. Institutional investors own 90.90% of the company’s stock.
About Echo Global Logistics
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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