Echo Global Logistics Inc. (ECHO) Trading Down 1.9%
Echo Global Logistics Inc. (NASDAQ:ECHO) shares traded down 1.9% on Tuesday . The stock traded as low as $22.97 and last traded at $23.23, with a volume of 293,259 shares. The stock had previously closed at $23.68.
Several research analysts recently weighed in on the company. Morgan Stanley cut their target price on Echo Global Logistics from $34.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, July 28th. JPMorgan Chase & Co. initiated coverage on Echo Global Logistics in a research report on Monday, July 11th. They issued an “overweight” rating and a $31.00 price objective on the stock. Cowen and Company cut their price objective on Echo Global Logistics from $28.00 to $27.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Finally, Zacks Investment Research raised Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Tuesday, July 5th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Echo Global Logistics has a consensus rating of “Buy” and a consensus target price of $30.11.
The company’s 50-day moving average is $25.25 and its 200-day moving average is $24.45. The company has a market cap of $674.04 million, a P/E ratio of 93.88 and a beta of 1.23.
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Echo Global Logistics (NASDAQ:ECHO) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by $0.04. The company earned $443.80 million during the quarter, compared to the consensus estimate of $439.56 million. Echo Global Logistics had a net margin of 0.43% and a return on equity of 5.69%. Echo Global Logistics’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 EPS. On average, equities research analysts anticipate that Echo Global Logistics Inc. will post $1.21 EPS for the current fiscal year.
In other Echo Global Logistics news, COO David B. Menzel sold 15,000 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $25.89, for a total value of $388,350.00. Following the transaction, the chief operating officer now owns 147,030 shares of the company’s stock, valued at $3,806,606.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Douglas R. Waggoner sold 34,723 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $26.01, for a total value of $903,145.23. Following the completion of the transaction, the chief executive officer now directly owns 241,863 shares in the company, valued at approximately $6,290,856.63. The disclosure for this sale can be found here. 8.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mason Street Advisors LLC purchased a new position in Echo Global Logistics during the second quarter valued at $110,000. Public Employees Retirement System of Ohio boosted its position in Echo Global Logistics by 0.6% in the second quarter. Public Employees Retirement System of Ohio now owns 92,334 shares of the company’s stock valued at $2,070,000 after buying an additional 583 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Echo Global Logistics by 14.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 105,965 shares of the company’s stock valued at $2,376,000 after buying an additional 13,422 shares during the last quarter. Elk Creek Partners LLC purchased a new position in Echo Global Logistics during the second quarter valued at $6,326,000. Finally, Arizona State Retirement System boosted its position in Echo Global Logistics by 1.6% in the second quarter. Arizona State Retirement System now owns 12,964 shares of the company’s stock valued at $291,000 after buying an additional 200 shares during the last quarter. 84.93% of the stock is currently owned by institutional investors.
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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