Echo Global Logistics Inc. (NASDAQ:ECHO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
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. “
Several other brokerages also recently weighed in on ECHO. JPMorgan Chase & Co. restated a “buy” rating and set a $31.00 price target on shares of Echo Global Logistics in a report on Friday, July 29th. Cowen and Company cut their price target on Echo Global Logistics from $28.00 to $27.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Finally, Morgan Stanley cut their price target on Echo Global Logistics from $34.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $30.50.
Echo Global Logistics (NASDAQ:ECHO) opened at 22.71 on Thursday. The stock has a market capitalization of $665.54 million, a PE ratio of 92.69 and a beta of 1.30. The company’s 50-day moving average price is $24.29 and its 200 day moving average price is $24.14. Echo Global Logistics has a 12 month low of $16.56 and a 12 month high of $28.49.
Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by $0.04. Echo Global Logistics had a return on equity of 5.69% and a net margin of 0.43%. The company had revenue of $443.80 million for the quarter, compared to analysts’ expectations of $439.56 million. During the same quarter last year, the company earned $0.30 EPS. Echo Global Logistics’s revenue for the quarter was up 19.4% compared to the same quarter last year. On average, analysts forecast that Echo Global Logistics will post $1.23 earnings per share for the current fiscal year.
In other news, CEO Douglas R. Waggoner sold 34,723 shares of the stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $26.01, for a total value of $903,145.23. Following the transaction, the chief executive officer now owns 241,863 shares in the company, valued at approximately $6,290,856.63. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO David B. Menzel sold 15,000 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $25.89, for a total value of $388,350.00. Following the completion of the transaction, the chief operating officer now owns 147,030 shares in the company, valued at approximately $3,806,606.70. The disclosure for this sale can be found here. 8.10% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ECHO. Bank of Montreal Can acquired a new position in Echo Global Logistics during the second quarter worth approximately $159,000. 1st Global Advisors Inc. purchased a new stake in shares of Echo Global Logistics during the second quarter worth about $243,000. Palo Capital Inc. boosted its stake in shares of Echo Global Logistics by 159.8% in the second quarter. Palo Capital Inc. now owns 19,218 shares of the company’s stock worth $430,000 after buying an additional 11,821 shares during the period. Summit Creek Advisors LLC boosted its stake in shares of Echo Global Logistics by 12.4% in the second quarter. Summit Creek Advisors LLC now owns 789,653 shares of the company’s stock worth $17,704,000 after buying an additional 87,230 shares during the period. Finally, Eagle Asset Management Inc. boosted its stake in shares of Echo Global Logistics by 5.7% in the second quarter. Eagle Asset Management Inc. now owns 760,478 shares of the company’s stock worth $17,049,000 after buying an additional 40,850 shares during the period. Institutional investors and hedge funds own 84.85% 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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