$472.91 Million in Sales Expected for Echo Global Logistics, Inc. (ECHO) This Quarter
Wall Street brokerages predict that Echo Global Logistics, Inc. (NASDAQ:ECHO) will post $472.91 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Echo Global Logistics’ earnings, with the lowest sales estimate coming in at $466.27 million and the highest estimate coming in at $480.72 million. Echo Global Logistics posted sales of $460.20 million in the same quarter last year, which would indicate a positive year over year growth rate of 2.8%. The business is expected to announce its next quarterly earnings report after the market closes on Wednesday, October 25th.
According to Zacks, analysts expect that Echo Global Logistics will report full year sales of $472.91 million for the current year, with estimates ranging from $1.79 billion to $1.81 billion. For the next fiscal year, analysts expect that the company will report sales of $1.99 billion per share, with estimates ranging from $1.91 billion to $2.07 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Echo Global Logistics.
Echo Global Logistics (NASDAQ:ECHO) last posted its earnings results on Thursday, July 27th. The transportation company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). The business had revenue of $470.10 million for the quarter, compared to analysts’ expectations of $470.25 million. Echo Global Logistics had a positive return on equity of 3.22% and a negative net margin of 0.21%. Echo Global Logistics’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.33 EPS.
A number of research analysts recently commented on the company. William Blair reissued a “market perform” rating on shares of Echo Global Logistics in a report on Friday, July 28th. J P Morgan Chase & Co increased their price target on Echo Global Logistics from $19.00 to $25.00 and gave the company an “overweight” rating in a report on Thursday. UBS AG downgraded Echo Global Logistics from a “neutral” rating to a “sell” rating and reduced their price target for the company from $22.00 to $13.00 in a report on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating on shares of Echo Global Logistics in a report on Wednesday, July 19th. Finally, Zacks Investment Research downgraded Echo Global Logistics from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $20.00.
Large investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its holdings in Echo Global Logistics by 100.6% during the 2nd quarter. Lazard Asset Management LLC now owns 499,146 shares of the transportation company’s stock worth $9,933,000 after buying an additional 250,270 shares during the last quarter. Isthmus Partners LLC lifted its holdings in Echo Global Logistics by 33.0% during the 2nd quarter. Isthmus Partners LLC now owns 36,433 shares of the transportation company’s stock worth $725,000 after buying an additional 9,046 shares during the last quarter. UBS Group AG lifted its holdings in Echo Global Logistics by 252.2% during the 1st quarter. UBS Group AG now owns 32,239 shares of the transportation company’s stock worth $688,000 after buying an additional 23,085 shares during the last quarter. OppenheimerFunds Inc. lifted its holdings in Echo Global Logistics by 54.7% during the 1st quarter. OppenheimerFunds Inc. now owns 59,827 shares of the transportation company’s stock worth $1,277,000 after buying an additional 21,153 shares during the last quarter. Finally, Weiss Multi Strategy Advisers LLC bought a new position in Echo Global Logistics during the 1st quarter worth approximately $1,068,000. 87.50% of the stock is currently owned by institutional investors.
Shares of Echo Global Logistics (ECHO) opened at 19.30 on Thursday. The company’s 50-day moving average price is $16.93 and its 200 day moving average price is $18.12. The stock’s market cap is $550.71 million. Echo Global Logistics has a 1-year low of $13.00 and a 1-year high of $28.90.
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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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