State of Alaska Department of Revenue raised its stake in shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) by 77.3% during the second quarter, Holdings Channel reports. The firm owned 5,371 shares of the transportation company’s stock after buying an additional 2,341 shares during the period. State of Alaska Department of Revenue’s holdings in Echo Global Logistics were worth $106,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ECHO. Nicolet Bankshares Inc. boosted its position in Echo Global Logistics by 6.4% in the first quarter. Nicolet Bankshares Inc. now owns 10,855 shares of the transportation company’s stock valued at $232,000 after buying an additional 650 shares during the period. OppenheimerFunds Inc. boosted its position in Echo Global Logistics by 54.7% in the first quarter. OppenheimerFunds Inc. now owns 59,827 shares of the transportation company’s stock valued at $1,277,000 after buying an additional 21,153 shares during the period. UBS Group AG boosted its position in Echo Global Logistics by 252.2% in the first quarter. UBS Group AG now owns 32,239 shares of the transportation company’s stock valued at $688,000 after buying an additional 23,085 shares during the period. Teachers Advisors LLC boosted its position in Echo Global Logistics by 3.2% in the fourth quarter. Teachers Advisors LLC now owns 52,210 shares of the transportation company’s stock valued at $1,308,000 after buying an additional 1,608 shares during the period. Finally, Isthmus Partners LLC boosted its position in Echo Global Logistics by 7.3% in the first quarter. Isthmus Partners LLC now owns 27,387 shares of the transportation company’s stock valued at $585,000 after buying an additional 1,869 shares during the period. 90.74% of the stock is currently owned by institutional investors.

Shares of Echo Global Logistics, Inc. (ECHO) traded down 1.07% during midday trading on Friday, hitting $13.90. The stock had a trading volume of 502,213 shares. Echo Global Logistics, Inc. has a one year low of $13.00 and a one year high of $28.90. The company’s market capitalization is $396.62 million. The firm’s 50-day moving average is $17.56 and its 200 day moving average is $19.99.

Echo Global Logistics (NASDAQ:ECHO) last posted its quarterly earnings data on Thursday, July 27th. The transportation company reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.02. Echo Global Logistics had a positive return on equity of 3.22% and a negative net margin of 0.21%. The firm had revenue of $470.10 million for the quarter, compared to the consensus estimate of $470.25 million. During the same quarter in the previous year, the business posted $0.33 earnings per share. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. Equities analysts expect that Echo Global Logistics, Inc. will post $0.59 earnings per share for the current fiscal year.

Echo Global Logistics declared that its Board of Directors has approved a stock repurchase plan on Monday, May 1st that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the transportation company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

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ECHO has been the topic of several research analyst reports. BidaskClub cut Echo Global Logistics from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Macquarie reaffirmed an “outperform” rating and set a $29.00 target price on shares of Echo Global Logistics in a research note on Monday, July 10th. Zacks Investment Research raised Echo Global Logistics from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Barrington Research lowered their target price on Echo Global Logistics from $28.00 to $18.00 and set an “outperform” rating on the stock in a research note on Monday, July 31st. Finally, Credit Suisse Group cut Echo Global Logistics from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $14.00 in a research note on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $20.14.

In related news, COO David B. Menzel sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 163,141 shares of the company’s stock, valued at $3,177,986.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.10% of the company’s stock.

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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Institutional Ownership by Quarter for Echo Global Logistics (NASDAQ:ECHO)

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