Echo Global Logistics Inc. (ECHO) Downgraded by Zacks Investment Research to “Sell”
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. “
Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reissued a buy rating and issued a $31.00 price objective on shares of Echo Global Logistics in a research note on Friday, July 29th. Cowen and Company dropped their price objective on Echo Global Logistics from $28.00 to $27.00 and set an outperform rating on the stock in a research note on Thursday, July 28th. Finally, Morgan Stanley dropped their price objective on Echo Global Logistics from $34.00 to $32.00 and set an overweight rating on the stock in a research note on Thursday, July 28th. One 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 a consensus price target of $30.11.
Shares of Echo Global Logistics (NASDAQ:ECHO) traded down 0.44% during mid-day trading on Thursday, hitting $22.70. The company had a trading volume of 139,459 shares. Echo Global Logistics has a 1-year low of $16.56 and a 1-year high of $28.49. The company has a 50-day moving average price of $24.37 and a 200-day moving average price of $24.18. The company has a market capitalization of $665.25 million, a price-to-earnings ratio of 92.65 and a beta of 1.30.
Echo Global Logistics (NASDAQ:ECHO) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the 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 firm earned $443.80 million during the quarter, compared to the consensus estimate of $439.56 million. During the same period last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. On average, equities analysts anticipate that Echo Global Logistics will post $1.23 EPS for the current year.
In other news, COO David B. Menzel sold 15,000 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $25.89, for a total transaction of $388,350.00. Following the completion of the sale, the chief operating officer now owns 147,030 shares in the company, valued at approximately $3,806,606.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Douglas R. Waggoner sold 46,117 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $25.74, for a total value of $1,187,051.58. Following the sale, the chief executive officer now owns 254,544 shares of the company’s stock, valued at approximately $6,551,962.56. The disclosure for this sale can be found here. Company insiders own 8.10% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Legal & General Group Plc raised its stake in shares of Echo Global Logistics by 3.4% in the first quarter. Legal & General Group Plc now owns 4,140 shares of the company’s stock valued at $111,000 after buying an additional 137 shares in the last quarter. Mason Street Advisors LLC acquired a new stake in shares of Echo Global Logistics during the second quarter valued at approximately $110,000. Bank of Montreal Can acquired a new stake in shares of Echo Global Logistics during the second quarter valued at approximately $159,000. BNP Paribas Arbitrage SA raised its stake in shares of Echo Global Logistics by 112.7% in the second quarter. BNP Paribas Arbitrage SA now owns 8,355 shares of the company’s stock valued at $187,000 after buying an additional 4,427 shares in the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Echo Global Logistics during the second quarter valued at approximately $208,000. Hedge funds and other institutional investors 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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