William Blair Reiterates Market Perform Rating for Echo Global Logistics, Inc. (ECHO)
ECHO has been the topic of a number of other reports. ValuEngine upgraded Echo Global Logistics from a sell rating to a hold rating in a research note on Friday. Credit Suisse Group cut Echo Global Logistics from an outperform rating to a neutral rating and cut their target price for the company from $23.00 to $14.00 in a research note on Monday. UBS AG upgraded Echo Global Logistics from a neutral rating to a positive rating in a research note on Thursday, April 13th. Barrington Research cut their target price on Echo Global Logistics from $28.00 to $18.00 and set an outperform rating on the stock in a research note on Monday. Finally, Macquarie reiterated an outperform rating and issued a $29.00 target price on shares of Echo Global Logistics in a research note on Monday, July 10th. Two equities research 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’s stock. Echo Global Logistics presently has a consensus rating of Hold and a consensus price target of $21.17.
Echo Global Logistics (NASDAQ:ECHO) traded up 3.66% during mid-day trading on Friday, reaching $14.15. 279,997 shares of the company traded hands. The firm’s 50-day moving average is $18.95 and its 200 day moving average is $20.58. The stock’s market capitalization is $396.20 million. Echo Global Logistics has a 52-week low of $13.00 and a 52-week high of $28.90.
Echo Global Logistics (NASDAQ:ECHO) last released its quarterly earnings data on Thursday, July 27th. The transportation company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by $0.02. The business had revenue of $470.10 million during the quarter, compared to analyst estimates of $470.25 million. Echo Global Logistics had a positive return on equity of 3.22% and a negative net margin of 0.21%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.33 EPS. On average, equities research analysts expect that Echo Global Logistics will post $0.83 earnings per share for the current year.
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Echo Global Logistics announced that its Board of Directors has authorized a share repurchase plan on Monday, May 1st that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the transportation company to purchase up to 9.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, COO David B. Menzel sold 10,000 shares of Echo Global Logistics stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $19.48, for a total transaction of $194,800.00. Following the sale, the chief operating officer now directly owns 163,141 shares in the company, valued at $3,177,986.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 8.10% of the stock is owned by insiders.
Several large investors have recently modified their holdings of ECHO. State Street Corp boosted its stake in shares of Echo Global Logistics by 18.7% in the fourth quarter. State Street Corp now owns 719,567 shares of the transportation company’s stock worth $18,033,000 after buying an additional 113,557 shares in the last quarter. Guggenheim Capital LLC boosted its stake in shares of Echo Global Logistics by 67.6% in the fourth quarter. Guggenheim Capital LLC now owns 86,031 shares of the transportation company’s stock worth $2,155,000 after buying an additional 34,691 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Echo Global Logistics by 6.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 14,920 shares of the transportation company’s stock worth $374,000 after buying an additional 890 shares in the last quarter. Teachers Advisors LLC boosted its stake in shares of Echo Global Logistics by 3.2% in the fourth quarter. Teachers Advisors LLC now owns 52,210 shares of the transportation company’s stock worth $1,308,000 after buying an additional 1,608 shares in the last quarter. Finally, Fenimore Asset Management Inc. boosted its stake in shares of Echo Global Logistics by 5.5% in the first quarter. Fenimore Asset Management Inc. now owns 353,475 shares of the transportation company’s stock worth $7,547,000 after buying an additional 18,525 shares in the last quarter. Institutional investors and hedge funds own 88.85% 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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