Echo Global Logistics’ (ECHO) Buy Rating Reaffirmed at Stifel Nicolaus
Echo Global Logistics, Inc. (NASDAQ:ECHO)‘s stock had its “buy” rating reiterated by Stifel Nicolaus in a report issued on Wednesday.
A number of other equities research analysts also recently weighed in on the company. Susquehanna Bancshares Inc upgraded Echo Global Logistics from a “neutral” rating to a “positive” rating in a research report on Thursday, April 13th. Cowen and Company dropped their target price on Echo Global Logistics from $25.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, April 27th. Zacks Investment Research upgraded Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Macquarie restated an “outperform” rating and set a $29.00 target price on shares of Echo Global Logistics in a research report on Monday, July 10th. Finally, UBS AG upgraded Echo Global Logistics from a “neutral” rating to a “positive” rating in a research report on Thursday, April 13th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $28.14.
Shares of Echo Global Logistics (NASDAQ ECHO) traded up 2.16% on Wednesday, reaching $18.95. The company had a trading volume of 30,767 shares. Echo Global Logistics has a one year low of $17.90 and a one year high of $28.90. The company has a 50-day moving average price of $19.51 and a 200-day moving average price of $21.07. The firm’s market cap is $552.32 million.
Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings data on Wednesday, April 26th. The transportation company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Echo Global Logistics had a negative net margin of 0.09% and a positive return on equity of 3.65%. The business had revenue of $415.80 million during the quarter, compared to the consensus estimate of $417.30 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, analysts expect that Echo Global Logistics will post $0.83 earnings per share for the current fiscal year.
Echo Global Logistics announced that its board has authorized a share repurchase program on Monday, May 1st that permits the company to buyback $50.00 million in shares. This buyback authorization permits the transportation company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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In other news, COO David B. Menzel sold 10,000 shares of the business’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $19.48, for a total transaction of $194,800.00. Following the completion of the sale, the chief operating officer now owns 163,141 shares in the company, valued at $3,177,986.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 8.10% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Mackay Shields increased its stake in Echo Global Logistics by 37.6% in the fourth quarter. Mackay Shields now owns 15,520,000 shares of the transportation company’s stock worth $13,658,000 after buying an additional 4,237,000 shares in the last quarter. Mohican Financial Management bought a new stake in Echo Global Logistics during the fourth quarter worth approximately $2,406,000. Eagle Asset Management bought a new stake in Echo Global Logistics during the third quarter worth approximately $11,402,000. Emerald Acquisition Ltd. bought a new stake in Echo Global Logistics during the second quarter worth approximately $12,623,000. Finally, Russell Investments Group Ltd. bought a new stake in Echo Global Logistics during the fourth quarter worth approximately $13,634,000. Institutional investors and hedge funds own 89.80% 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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