Echo Global Logistics, Inc. (NASDAQ:ECHO) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) have been assigned an average recommendation of “Hold” from the twelve research firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $18.50.
ECHO has been the topic of a number of research analyst reports. BidaskClub cut shares of Echo Global Logistics from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Macquarie reiterated an “outperform” rating and issued a $29.00 target price on shares of Echo Global Logistics in a research note on Monday, July 10th. Zacks Investment Research upgraded shares of Echo Global Logistics from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Susquehanna Bancshares Inc upgraded shares of Echo Global Logistics from a “neutral” rating to a “positive” rating in a research note on Thursday, April 13th. Finally, Credit Suisse Group cut shares of Echo Global Logistics from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $23.00 to $14.00 in a research note on Monday, July 31st.
Echo Global Logistics (NASDAQ ECHO) opened at 14.675 on Tuesday. The company’s market capitalization is $418.74 million. Echo Global Logistics has a 12-month low of $13.00 and a 12-month high of $28.90. The firm has a 50-day moving average of $18.78 and a 200 day moving average of $20.49.
Echo Global Logistics (NASDAQ:ECHO) last released its earnings results on Thursday, July 27th. The transportation company reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.02. The company had revenue of $470.10 million during the quarter, compared to analysts’ expectations of $470.25 million. Echo Global Logistics had a negative net margin of 0.21% and a positive return on equity of 3.22%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.33 earnings per share. Analysts forecast that Echo Global Logistics will post $0.60 EPS for the current fiscal year.
Echo Global Logistics announced that its board has initiated a stock repurchase plan on Monday, May 1st that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the transportation company to buy up to 9.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, COO David B. Menzel sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $19.48, for a total value of $194,800.00. Following the sale, the chief operating officer now owns 163,141 shares of the company’s stock, valued at $3,177,986.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 8.10% of the company’s stock.
Several hedge funds have recently bought and sold shares of ECHO. Public Employees Retirement Association of Colorado acquired a new stake in Echo Global Logistics during the first quarter valued at about $8,249,000. ShearLink Capital LLC acquired a new stake in Echo Global Logistics during the first quarter valued at about $7,727,000. Loomis Sayles & Co. L P raised its stake in Echo Global Logistics by 53.0% in the first quarter. Loomis Sayles & Co. L P now owns 786,219 shares of the transportation company’s stock valued at $16,786,000 after buying an additional 272,321 shares during the period. Dimensional Fund Advisors LP raised its stake in Echo Global Logistics by 13.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,497,435 shares of the transportation company’s stock valued at $31,970,000 after buying an additional 181,052 shares during the period. Finally, Rice Hall James & Associates LLC raised its stake in Echo Global Logistics by 25.3% in the second quarter. Rice Hall James & Associates LLC now owns 776,218 shares of the transportation company’s stock valued at $15,447,000 after buying an additional 156,516 shares during the period. 90.74% 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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