Zacks Investment Research Downgrades Echo Global Logistics (ECHO) to Hold

Zacks Investment Research lowered shares of Echo Global Logistics (NASDAQ:ECHO) from a buy rating to a hold rating in a research report released on Thursday morning.

According to Zacks, “Echo Global Logistics is a leading provider of technology enabled transportation and supply chain management services, delivered on a proprietary technology platform, serving the transportation and logistics needs of its clients. The company’s web-based technology platform compiles and analyzes data from its network of over 22,000 transportation providers to serve its clients’ shipping and freight management needs. Echo procures transportation and provides logistics services for more than 11,600 clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. Echo Global Logistics, Inc. is headquartered in Chicago, Illinois. “

A number of other research analysts also recently commented on ECHO. ValuEngine upgraded Echo Global Logistics from a sell rating to a hold rating in a report on Monday, October 2nd. Cowen reiterated a buy rating and issued a $19.00 price objective on shares of Echo Global Logistics in a report on Wednesday, October 4th. JPMorgan Chase & Co. increased their price objective on Echo Global Logistics from $19.00 to $25.00 and gave the company an overweight rating in a report on Thursday, October 12th. UBS Group increased their price objective on Echo Global Logistics from $13.00 to $19.00 and gave the company a sell rating in a report on Thursday, October 26th. Finally, Stifel Nicolaus increased their price objective on Echo Global Logistics from $21.00 to $25.00 and gave the company a buy rating in a report on Thursday, October 26th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $24.90.

Echo Global Logistics (ECHO) traded up $0.15 on Thursday, hitting $29.05. The stock had a trading volume of 224,500 shares, compared to its average volume of 271,589. Echo Global Logistics has a fifty-two week low of $13.00 and a fifty-two week high of $29.15. The stock has a market cap of $810.72, a P/E ratio of -223.46, a P/E/G ratio of 2.32 and a beta of 1.55. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.61.

Echo Global Logistics (NASDAQ:ECHO) last released its quarterly earnings data on Wednesday, October 25th. The transportation company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $509.50 million for the quarter, compared to the consensus estimate of $473.44 million. During the same quarter in the prior year, the business posted $0.25 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. analysts forecast that Echo Global Logistics will post 0.49 EPS for the current year.

In related news, COO David B. Menzel sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $24.55, for a total transaction of $736,500.00. Following the transaction, the chief operating officer now owns 180,322 shares in the company, valued at approximately $4,426,905.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Douglas R. Waggoner sold 25,160 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $23.91, for a total value of $601,575.60. The disclosure for this sale can be found here. Insiders have sold a total of 253,660 shares of company stock worth $6,035,871 in the last 90 days. 8.10% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in Echo Global Logistics by 9.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,984,863 shares of the transportation company’s stock worth $37,414,000 after acquiring an additional 177,818 shares during the period. Vanguard Group Inc. lifted its position in Echo Global Logistics by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 1,472,288 shares of the transportation company’s stock worth $29,299,000 after acquiring an additional 45,347 shares during the period. Franklin Resources Inc. lifted its position 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. Granahan Investment Management Inc. MA lifted its position in Echo Global Logistics by 1,669.3% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 840,893 shares of the transportation company’s stock worth $15,851,000 after acquiring an additional 793,366 shares during the period. Finally, Stephens Investment Management Group LLC lifted its position in Echo Global Logistics by 24.1% during the 3rd quarter. Stephens Investment Management Group LLC now owns 784,397 shares of the transportation company’s stock worth $14,786,000 after acquiring an additional 152,088 shares during the period. 93.43% of the stock is owned by institutional investors.

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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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