Pitcairn Co. Buys 7,527 Shares of Echo Global Logistics, Inc. (ECHO)

Pitcairn Co. grew its stake in shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) by 60.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,986 shares of the transportation company’s stock after purchasing an additional 7,527 shares during the quarter. Pitcairn Co. owned 0.07% of Echo Global Logistics worth $377,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. State of Alaska Department of Revenue lifted its stake in shares of Echo Global Logistics by 77.3% during the second quarter. State of Alaska Department of Revenue now owns 5,371 shares of the transportation company’s stock worth $106,000 after purchasing an additional 2,341 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Echo Global Logistics by 1.3% during the first quarter. SG Americas Securities LLC now owns 5,628 shares of the transportation company’s stock worth $120,000 after purchasing an additional 70 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Echo Global Logistics during the first quarter worth about $121,000. Municipal Employees Retirement System of Michigan lifted its stake in shares of Echo Global Logistics by 4.2% during the second quarter. Municipal Employees Retirement System of Michigan now owns 6,450 shares of the transportation company’s stock worth $128,000 after purchasing an additional 260 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Echo Global Logistics by 63.3% during the second quarter. BNP Paribas Arbitrage SA now owns 8,099 shares of the transportation company’s stock worth $161,000 after purchasing an additional 3,139 shares in the last quarter. Institutional investors own 90.86% of the company’s stock.

Shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) traded up $0.05 during midday trading on Friday, reaching $23.85. The company’s stock had a trading volume of 423,100 shares, compared to its average volume of 627,427. Echo Global Logistics, Inc. has a 12-month low of $13.00 and a 12-month high of $28.90. The firm has a market capitalization of $665.61, a PE ratio of 58.17, a P/E/G ratio of 2.77 and a beta of 1.51. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.40 and a quick ratio of 1.40.

Echo Global Logistics (NASDAQ:ECHO) last announced its quarterly earnings data on Wednesday, October 25th. The transportation company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.09. Echo Global Logistics had a positive return on equity of 3.29% and a negative net margin of 0.20%. The firm had revenue of $509.50 million for the quarter, compared to analysts’ expectations of $473.44 million. During the same quarter in the prior year, the firm posted $0.25 earnings per share. Echo Global Logistics’s revenue for the quarter was up 10.7% compared to the same quarter last year. research analysts anticipate that Echo Global Logistics, Inc. will post 0.49 EPS for the current fiscal year.

Several research firms recently commented on ECHO. Credit Suisse Group boosted their price target on Echo Global Logistics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, October 26th. Zacks Investment Research cut Echo Global Logistics from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Cowen and Company reiterated a “buy” rating and issued a $19.00 price target on shares of Echo Global Logistics in a research note on Wednesday, October 4th. ValuEngine upgraded Echo Global Logistics from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 price target on shares of Echo Global Logistics in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $23.90.

TRADEMARK VIOLATION NOTICE: This article was posted by Chaffey Breeze and is the property of of Chaffey Breeze. If you are accessing this article on another domain, it was stolen and reposted in violation of US & international trademark and copyright laws. The correct version of this article can be viewed at https://www.chaffeybreeze.com/2017/11/12/pitcairn-co-buys-7527-shares-of-echo-global-logistics-inc-echo.html.

In other Echo Global Logistics news, CFO Kyle Sauers sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $23.92, for a total transaction of $478,400.00. Following the sale, the chief financial officer now owns 65,919 shares in the company, valued at $1,576,782.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO David B. Menzel sold 57,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $23.91, for a total value of $1,374,825.00. Following the sale, the chief operating officer now owns 187,822 shares in the company, valued at approximately $4,490,824.02. The disclosure for this sale can be found here. Insiders have sold 223,660 shares of company stock worth $5,299,371 in the last 90 days. 8.10% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding ECHO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Echo Global Logistics, Inc. (NASDAQ:ECHO).

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

Receive News & Ratings for Echo Global Logistics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Echo Global Logistics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply