Arizona State Retirement System reduced its position in shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) by 6.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,816 shares of the transportation company’s stock after selling 2,772 shares during the period. Arizona State Retirement System’s holdings in Echo Global Logistics were worth $1,135,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Convergence Investment Partners LLC acquired a new position in shares of Echo Global Logistics during the second quarter worth about $686,000. SG Americas Securities LLC acquired a new position in shares of Echo Global Logistics during the second quarter worth about $175,000. Cim Investment Mangement Inc. increased its stake in shares of Echo Global Logistics by 83.8% during the second quarter. Cim Investment Mangement Inc. now owns 13,349 shares of the transportation company’s stock worth $390,000 after acquiring an additional 6,087 shares during the period. Rhumbline Advisers increased its stake in shares of Echo Global Logistics by 3.7% during the second quarter. Rhumbline Advisers now owns 65,984 shares of the transportation company’s stock worth $1,930,000 after acquiring an additional 2,376 shares during the period. Finally, KBC Group NV increased its stake in shares of Echo Global Logistics by 841.7% during the second quarter. KBC Group NV now owns 22,450 shares of the transportation company’s stock worth $657,000 after acquiring an additional 20,066 shares during the period. 98.00% of the stock is owned by institutional investors and hedge funds.

Shares of ECHO opened at $35.75 on Thursday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.57. Echo Global Logistics, Inc. has a twelve month low of $15.75 and a twelve month high of $36.75. The stock has a market cap of $976.34 million, a price-to-earnings ratio of 54.17, a P/E/G ratio of 1.38 and a beta of 1.57.

Echo Global Logistics (NASDAQ:ECHO) last issued its earnings results on Wednesday, July 25th. The transportation company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. Echo Global Logistics had a net margin of 1.24% and a return on equity of 9.43%. The company had revenue of $635.00 million for the quarter, compared to analyst estimates of $611.26 million. During the same period in the prior year, the business posted $0.18 earnings per share. The firm’s revenue for the quarter was up 35.1% compared to the same quarter last year. equities analysts anticipate that Echo Global Logistics, Inc. will post 1.42 EPS for the current year.

In other Echo Global Logistics news, CEO Douglas R. Waggoner sold 40,000 shares of the company’s stock in a transaction dated Monday, June 25th. The shares were sold at an average price of $30.15, for a total transaction of $1,206,000.00. Following the transaction, the chief executive officer now directly owns 346,332 shares in the company, valued at $10,441,909.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Douglas R. Waggoner sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $33.03, for a total transaction of $165,150.00. Following the transaction, the chief executive officer now owns 311,532 shares in the company, valued at $10,289,901.96. The disclosure for this sale can be found here. Insiders have sold 111,000 shares of company stock worth $3,513,090 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

A number of brokerages have recently issued reports on ECHO. BidaskClub upgraded shares of Echo Global Logistics from a “hold” rating to a “buy” rating in a research note on Tuesday. TheStreet upgraded shares of Echo Global Logistics from a “c+” rating to a “b-” rating in a research note on Friday, August 10th. Stifel Nicolaus boosted their price target on shares of Echo Global Logistics from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, July 27th. Credit Suisse Group boosted their price target on shares of Echo Global Logistics from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, July 26th. Finally, Cowen reiterated an “outperform” rating and set a $42.00 price target (up from $40.00) on shares of Echo Global Logistics in a research note on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $34.67.

Echo Global Logistics Company Profile

Echo Global Logistics, Inc provides technology-enabled transportation and supply chain management solutions in the United States. It uses a proprietary technology platform to compile and analyze data from its multi-modal network of transportation providers for the transportation and logistics needs. The company offers services in various transportation modes, such as truckload, less-than truckload, small parcel, inter-modal, domestic air, and expedited and international.

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

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