Zacks Investment Research Upgrades Echo Global Logistics, Inc. (ECHO) to “Hold”
Echo Global Logistics, Inc. (NASDAQ:ECHO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
ECHO has been the topic of a number of other research reports. Stifel Nicolaus lifted their target price on shares of Echo Global Logistics from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, October 26th. UBS AG lifted their target price on shares of Echo Global Logistics from $13.00 to $19.00 and gave the stock a “sell” rating in a research report on Thursday, October 26th. Barrington Research reiterated an “outperform” rating and issued a $26.00 target price (up previously from $18.00) on shares of Echo Global Logistics in a research report on Monday. ValuEngine upgraded shares of Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, Cowen and Company reiterated a “buy” rating and issued a $19.00 target price on shares of Echo Global Logistics in a research report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Echo Global Logistics currently has a consensus rating of “Hold” and an average price target of $23.56.
Echo Global Logistics (NASDAQ:ECHO) last posted its earnings results on Wednesday, October 25th. The transportation company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.09. Echo Global Logistics had a negative net margin of 0.20% and a positive return on equity of 3.29%. The business had revenue of $509.50 million for the quarter, compared to analysts’ expectations of $473.44 million. During the same period in the prior year, the company posted $0.25 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year.
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A number of institutional investors have recently made changes to their positions in the business. Mackay Shields grew its holdings in Echo Global Logistics by 37.6% in the 4th quarter. Mackay Shields now owns 15,520,000 shares of the transportation company’s stock worth $13,658,000 after acquiring an additional 4,237,000 shares during the last quarter. Mohican Financial Management bought a new stake in Echo Global Logistics in the 4th quarter worth $2,406,000. BlackRock Fund Advisors grew its holdings in Echo Global Logistics by 14.7% in the 3rd quarter. BlackRock Fund Advisors now owns 2,044,853 shares of the transportation company’s stock worth $47,154,000 after acquiring an additional 262,039 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Echo Global Logistics by 20.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,807,045 shares of the transportation company’s stock worth $35,960,000 after acquiring an additional 309,610 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Echo Global Logistics by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,472,288 shares of the transportation company’s stock worth $29,299,000 after acquiring an additional 45,347 shares during the last quarter. 86.43% of the stock is currently owned by institutional investors and hedge funds.
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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