Bank of New York Mellon Corp lessened its holdings in Echo Global Logistics, Inc. (NASDAQ:ECHO) by 47.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 586,012 shares of the transportation company’s stock after selling 536,252 shares during the period. Bank of New York Mellon Corp’s holdings in Echo Global Logistics were worth $12,669,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ECHO. Globeflex Capital L P grew its holdings in shares of Echo Global Logistics by 16.6% in the second quarter. Globeflex Capital L P now owns 74,306 shares of the transportation company’s stock valued at $1,606,000 after purchasing an additional 10,604 shares in the last quarter. Swiss National Bank increased its holdings in shares of Echo Global Logistics by 15.1% in the 2nd quarter. Swiss National Bank now owns 60,900 shares of the transportation company’s stock valued at $1,317,000 after acquiring an additional 8,000 shares during the last quarter. Comerica Bank raised its position in shares of Echo Global Logistics by 6.4% during the 2nd quarter. Comerica Bank now owns 28,139 shares of the transportation company’s stock worth $689,000 after acquiring an additional 1,684 shares in the last quarter. M&T Bank Corp lifted its stake in Echo Global Logistics by 11.9% during the second quarter. M&T Bank Corp now owns 18,486 shares of the transportation company’s stock worth $400,000 after purchasing an additional 1,969 shares during the last quarter. Finally, First Quadrant L P CA acquired a new position in Echo Global Logistics in the second quarter valued at approximately $87,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Shares of NASDAQ:ECHO opened at $26.75 on Wednesday. Echo Global Logistics, Inc. has a fifty-two week low of $14.17 and a fifty-two week high of $28.08. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm’s 50-day simple moving average is $26.69 and its 200-day simple moving average is $21.02. The company has a market cap of $711.82 million, a price-to-earnings ratio of 167.19, a PEG ratio of 2.71 and a beta of 1.31.

Echo Global Logistics (NASDAQ:ECHO) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.16. The company had revenue of $514.72 million for the quarter, compared to analyst estimates of $466.76 million. Echo Global Logistics had a return on equity of 5.11% and a net margin of 0.20%. On average, research analysts forecast that Echo Global Logistics, Inc. will post 0.57 EPS for the current year.

In other Echo Global Logistics news, CFO Kyle Sauers sold 9,000 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $25.60, for a total value of $230,400.00. Following the completion of the transaction, the chief financial officer now owns 88,140 shares in the company, valued at $2,256,384. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by insiders.

Several equities research analysts recently commented on ECHO shares. BidaskClub upgraded shares of Echo Global Logistics from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Barrington Research upped their target price on Echo Global Logistics from $22.00 to $30.00 in a research report on Friday, July 24th. Loop Capital raised Echo Global Logistics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $18.00 to $22.00 in a research report on Tuesday, May 19th. TheStreet raised Echo Global Logistics from a “c” rating to a “b-” rating in a report on Thursday, July 23rd. Finally, Stifel Nicolaus lifted their target price on shares of Echo Global Logistics from $24.00 to $29.00 and gave the company a “buy” rating in a report on Friday, July 24th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Echo Global Logistics has a consensus rating of “Buy” and a consensus price target of $25.33.

Echo Global Logistics Profile

Echo Global Logistics, Inc provides technology-enabled transportation and supply chain management solutions in the United States. It utilizes a proprietary technology platform to compile and analyze data from its multi-modal network of transportation providers for the transportation and logistics needs.

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

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