$472.91 Million in Sales Expected for Echo Global Logistics, Inc. (ECHO) This Quarter
Equities research analysts forecast that Echo Global Logistics, Inc. (NASDAQ:ECHO) will post $472.91 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Echo Global Logistics’ earnings, with estimates ranging from $466.27 million to $480.72 million. Echo Global Logistics reported sales of $460.20 million during the same quarter last year, which indicates a positive year-over-year growth rate of 2.8%. The firm is expected to report 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 financial year, with estimates ranging from $1.79 billion to $1.81 billion. For the next financial 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 calculations are a mean average based on a survey of research firms that follow Echo Global Logistics.
Echo Global Logistics (NASDAQ:ECHO) last announced its earnings results on Thursday, July 27th. The transportation company reported $0.18 EPS for the quarter, missing the Thomson Reuters’ 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 business had revenue of $470.10 million for the quarter, compared to the consensus estimate of $470.25 million. During the same period in the prior year, the business posted $0.33 earnings per share. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year.
ECHO has been the topic of a number of recent research reports. Cowen and Company restated a “buy” rating and set a $19.00 price target on shares of Echo Global Logistics in a research note on Friday, September 1st. Macquarie restated an “outperform” rating and set a $29.00 price target on shares of Echo Global Logistics in a research note on Monday, July 10th. BidaskClub cut shares of Echo Global Logistics from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. UBS AG cut shares of Echo Global Logistics from a “neutral” rating to a “sell” rating and dropped their price target for the company from $22.00 to $13.00 in a research note on Friday, July 28th. Finally, ValuEngine cut shares of Echo Global Logistics from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Three analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Echo Global Logistics currently has an average rating of “Hold” and an average target price of $20.00.
A number of institutional investors have recently bought and sold shares of ECHO. Janus Henderson Group PLC bought a new stake in Echo Global Logistics during the 2nd quarter worth approximately $14,062,000. Dimensional Fund Advisors LP increased its holdings in Echo Global Logistics by 20.7% during 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 period. Franklin Resources Inc. increased its holdings in Echo Global Logistics by 25.1% during the 2nd quarter. Franklin Resources Inc. now owns 1,393,246 shares of the transportation company’s stock worth $27,726,000 after acquiring an additional 279,142 shares during the period. Lazard Asset Management LLC increased 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 acquiring an additional 250,270 shares during the period. Finally, Northern Trust Corp increased its holdings in Echo Global Logistics by 51.7% during the 2nd quarter. Northern Trust Corp now owns 623,201 shares of the transportation company’s stock worth $12,401,000 after acquiring an additional 212,341 shares during the period. 87.50% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Echo Global Logistics (NASDAQ:ECHO) traded up 1.53% on Thursday, hitting $19.95. 565,682 shares of the stock traded hands. The stock’s market cap is $569.25 million. Echo Global Logistics has a 52 week low of $13.00 and a 52 week high of $28.90. The stock has a 50 day moving average price of $17.39 and a 200-day moving average price of $18.08.
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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