Pitcairn Co. reduced its position in Echo Global Logistics, Inc. (NASDAQ:ECHO) by 4.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,459 shares of the transportation company’s stock after selling 626 shares during the period. Pitcairn Co.’s holdings in Echo Global Logistics were worth $248,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC raised its position in shares of Echo Global Logistics by 1.3% in the first quarter. SG Americas Securities LLC now owns 5,628 shares of the transportation company’s stock worth $120,000 after buying an additional 70 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Echo Global Logistics by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the transportation company’s stock worth $237,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System raised its position in shares of Echo Global Logistics by 0.7% in the first quarter. Arizona State Retirement System now owns 14,264 shares of the transportation company’s stock worth $305,000 after buying an additional 100 shares in the last quarter. Nicolet Bankshares Inc. raised its position in shares of Echo Global Logistics by 1.4% in the second quarter. Nicolet Bankshares Inc. now owns 11,005 shares of the transportation company’s stock worth $219,000 after buying an additional 150 shares in the last quarter. Finally, Texas Permanent School Fund raised its position in shares of Echo Global Logistics by 1.1% in the second quarter. Texas Permanent School Fund now owns 20,003 shares of the transportation company’s stock worth $398,000 after buying an additional 214 shares in the last quarter. Hedge funds and other institutional investors own 90.90% of the company’s stock.

Shares of Echo Global Logistics, Inc. (NASDAQ ECHO) opened at 13.80 on Friday. Echo Global Logistics, Inc. has a 52-week low of $13.00 and a 52-week high of $28.90. The company’s market cap is $393.77 million. The stock has a 50 day moving average of $16.91 and a 200 day moving average of $19.68.

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 analysts’ consensus estimates 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 company had revenue of $470.10 million during the quarter, compared to the consensus estimate of $470.25 million. During the same period last year, the company earned $0.33 earnings per share. Echo Global Logistics’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, equities analysts anticipate that Echo Global Logistics, Inc. will post $0.59 earnings per share for the current fiscal year.

Echo Global Logistics announced that its Board of Directors has authorized a share repurchase plan on Monday, May 1st that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the transportation company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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A number of brokerages have commented on ECHO. Cowen and Company cut their price objective on shares of Echo Global Logistics from $25.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, April 27th. William Blair reiterated a “market perform” rating on shares of Echo Global Logistics in a report on Friday, July 28th. UBS AG lowered shares of Echo Global Logistics from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $22.00 to $13.00 in a report on Friday, July 28th. Stifel Nicolaus reiterated a “buy” rating on shares of Echo Global Logistics in a report on Wednesday, July 19th. Finally, Zacks Investment Research lowered shares of Echo Global Logistics from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. Echo Global Logistics currently has an average rating of “Hold” and a consensus target price of $20.14.

In other Echo Global Logistics news, COO David B. Menzel sold 10,000 shares of the 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 completion of the sale, the chief operating officer now directly owns 163,141 shares of the company’s stock, valued at approximately $3,177,986.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.10% of the stock is owned by corporate insiders.

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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Institutional Ownership by Quarter for Echo Global Logistics (NASDAQ:ECHO)

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