Bank of New York Mellon Corp trimmed its holdings in shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) by 47.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 586,012 shares of the transportation company’s stock after selling 536,252 shares during the period. Bank of New York Mellon Corp owned about 2.20% of Echo Global Logistics worth $12,669,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in ECHO. ArrowMark Colorado Holdings LLC increased its stake in shares of Echo Global Logistics by 9.2% in the first quarter. ArrowMark Colorado Holdings LLC now owns 1,429,008 shares of the transportation company’s stock worth $24,407,000 after buying an additional 120,070 shares during the period. State Street Corp lifted its holdings in Echo Global Logistics by 7.5% in the 1st quarter. State Street Corp now owns 943,268 shares of the transportation company’s stock worth $16,111,000 after buying an additional 65,695 shares during the period. Emerald Advisers LLC purchased a new stake in Echo Global Logistics in the second quarter worth $13,936,000. Emerald Mutual Fund Advisers Trust purchased a new position in Echo Global Logistics during the 2nd quarter valued at $12,701,000. Finally, Scopus Asset Management L.P. bought a new position in Echo Global Logistics in the 1st quarter worth $9,339,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.
Echo Global Logistics stock opened at $26.75 on Wednesday. Echo Global Logistics, Inc. has a 12-month low of $14.17 and a 12-month high of $28.08. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $26.69 and a 200-day moving average price of $21.02. The firm has a market capitalization of $711.82 million, a PE ratio of 167.19, a price-to-earnings-growth ratio of 2.71 and a beta of 1.31.
Echo Global Logistics (NASDAQ:ECHO) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.16. The business had revenue of $514.72 million during the quarter, compared to the consensus estimate of $466.76 million. Echo Global Logistics had a net margin of 0.20% and a return on equity of 5.11%. As a group, sell-side analysts predict that Echo Global Logistics, Inc. will post 0.57 earnings per share for the current fiscal year.
In other news, CFO Kyle Sauers sold 9,000 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $25.60, for a total transaction of $230,400.00. Following the completion of the sale, the chief financial officer now directly owns 88,140 shares of the company’s stock, valued at $2,256,384. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.
Several analysts have commented on the stock. Morgan Stanley raised their price objective on shares of Echo Global Logistics from $18.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. Cowen restated a “buy” rating and set a $30.00 price objective on shares of Echo Global Logistics in a research note on Thursday, July 23rd. Zacks Investment Research raised Echo Global Logistics from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Wednesday, July 29th. Loop Capital upgraded Echo Global Logistics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $18.00 to $22.00 in a report on Tuesday, May 19th. Finally, SunTrust Banks lifted their price target on shares of Echo Global Logistics from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $25.33.
Echo Global Logistics Profile
Echo Global Logistics, Inc provides technology-enabled transportation and supply chain management solutions in the United States. It utilizes a proprietary technology platform to compile and analyze data from its multi-modal network of transportation providers for the transportation and logistics needs.
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