OppenheimerFunds Inc. raised its position in Echo Global Logistics, Inc. (NASDAQ:ECHO) by 6.2% during the second quarter, HoldingsChannel reports. The firm owned 46,065 shares of the transportation company’s stock after purchasing an additional 2,675 shares during the period. OppenheimerFunds Inc.’s holdings in Echo Global Logistics were worth $1,347,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ECHO. Schwab Charles Investment Management Inc. lifted its holdings in Echo Global Logistics by 10.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 246,238 shares of the transportation company’s stock valued at $6,797,000 after purchasing an additional 23,958 shares in the last quarter. BlackRock Inc. lifted its holdings in Echo Global Logistics by 1.5% in the 1st quarter. BlackRock Inc. now owns 3,583,112 shares of the transportation company’s stock valued at $98,894,000 after purchasing an additional 53,960 shares in the last quarter. Federated Investors Inc. PA lifted its holdings in Echo Global Logistics by 820.8% in the 1st quarter. Federated Investors Inc. PA now owns 4,116 shares of the transportation company’s stock valued at $114,000 after purchasing an additional 3,669 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Echo Global Logistics by 392.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,440 shares of the transportation company’s stock valued at $261,000 after purchasing an additional 7,523 shares in the last quarter. Finally, Origin Asset Management LLP purchased a new position in Echo Global Logistics in the 1st quarter valued at $369,000. Institutional investors own 97.99% of the company’s stock.

In other Echo Global Logistics news, CEO Douglas R. Waggoner sold 40,000 shares of the firm’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $31.46, for a total value of $1,258,400.00. Following the completion of the sale, the chief executive officer now directly owns 346,332 shares of the company’s stock, valued at approximately $10,895,604.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kyle Sauers sold 6,000 shares of the firm’s stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $33.49, for a total value of $200,940.00. Following the completion of the sale, the chief financial officer now directly owns 64,287 shares of the company’s stock, valued at $2,152,971.63. The disclosure for this sale can be found here. Insiders sold a total of 71,000 shares of company stock valued at $2,307,090 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

A number of research analysts have weighed in on the company. Stifel Nicolaus raised their price objective on Echo Global Logistics from $34.00 to $40.00 and gave the company a “buy” rating in a report on Friday, July 27th. BidaskClub lowered Echo Global Logistics from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. Barrington Research set a $37.00 price objective on Echo Global Logistics and gave the company a “buy” rating in a report on Wednesday, July 25th. ValuEngine lowered Echo Global Logistics from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. Finally, Cowen reaffirmed an “outperform” rating and issued a $42.00 target price (up from $40.00) on shares of Echo Global Logistics in a research note on Thursday, July 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $34.67.

Shares of ECHO opened at $32.95 on Wednesday. Echo Global Logistics, Inc. has a 52-week low of $17.70 and a 52-week high of $36.75. The firm has a market capitalization of $946.37 million, a price-to-earnings ratio of 26.31, a P/E/G ratio of 1.33 and a beta of 1.57. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.46 and a quick ratio of 1.46.

Echo Global Logistics (NASDAQ:ECHO) last issued its earnings results on Wednesday, July 25th. The transportation company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Echo Global Logistics had a return on equity of 9.43% and a net margin of 1.24%. The business had revenue of $635.00 million during the quarter, compared to the consensus estimate of $611.26 million. During the same period last year, the company earned $0.18 EPS. The company’s revenue for the quarter was up 35.1% on a year-over-year basis. sell-side analysts forecast that Echo Global Logistics, Inc. will post 1.42 EPS for the current fiscal year.

Echo Global Logistics Profile

Echo Global Logistics, Inc provides technology-enabled transportation and supply chain management solutions in the United States. It uses a proprietary technology platform to compile and analyze data from its multi-modal network of transportation providers for the transportation and logistics needs. The company offers services in various transportation modes, such as truckload, less-than truckload, small parcel, inter-modal, domestic air, and expedited and international.

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

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