Franklin Resources Inc. raised its stake in Echo Global Logistics, Inc. (NASDAQ:ECHO) by 25.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,393,246 shares of the transportation company’s stock after acquiring an additional 279,142 shares during the period. Franklin Resources Inc. owned about 4.88% of Echo Global Logistics worth $27,726,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. SG Americas Securities LLC grew its position in 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 valued at $120,000 after acquiring an additional 70 shares during the period. Arizona State Retirement System grew its position in 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 valued at $305,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System grew its position in 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 valued at $237,000 after acquiring an additional 100 shares during the period. Nicolet Bankshares Inc. grew its position in Echo Global Logistics by 1.4% in the second quarter. Nicolet Bankshares Inc. now owns 11,005 shares of the transportation company’s stock valued at $219,000 after acquiring an additional 150 shares during the period. Finally, Texas Permanent School Fund grew its position in 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 valued at $398,000 after acquiring an additional 214 shares during the period. Hedge funds and other institutional investors own 87.50% of the company’s stock.

A number of brokerages have weighed in on ECHO. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 price target on shares of Echo Global Logistics in a research report on Tuesday, September 12th. William Blair restated a “market perform” rating on shares of Echo Global Logistics in a report on Friday, July 28th. BidaskClub cut Echo Global Logistics from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Morgan Stanley cut Echo Global Logistics from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $26.00 to $14.00 in a report on Monday, August 7th. Finally, Barrington Research decreased their target price on Echo Global Logistics from $28.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, July 31st. Four analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $19.38.

Echo Global Logistics, Inc. (ECHO) opened at 17.25 on Tuesday. The stock’s 50 day moving average price is $14.68 and its 200 day moving average price is $18.36. Echo Global Logistics, Inc. has a 52 week low of $13.00 and a 52 week high of $28.90. The firm’s market cap is $492.21 million.

Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings results on Thursday, July 27th. The transportation company reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 business had revenue of $470.10 million during the quarter, compared to the consensus estimate of $470.25 million. During the same quarter in the previous year, the business posted $0.33 EPS. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, equities research analysts predict that Echo Global Logistics, Inc. will post $0.59 EPS for the current year.

ILLEGAL ACTIVITY NOTICE: “Franklin Resources Inc. Has $27.73 Million Holdings in Echo Global Logistics, Inc. (ECHO)” was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this story on another website, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this story can be read at https://www.thecerbatgem.com/2017/09/19/franklin-resources-inc-has-27-73-million-holdings-in-echo-global-logistics-inc-echo.html.

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.

Want to see what other hedge funds are holding ECHO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Echo Global Logistics, Inc. (NASDAQ:ECHO).

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

Receive News & Stock Ratings for Echo Global Logistics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Echo Global Logistics Inc. and related stocks with our FREE daily email newsletter.