OppenheimerFunds Inc. Raises Position in Echo Global Logistics, Inc. (ECHO)

OppenheimerFunds Inc. increased its holdings in Echo Global Logistics, Inc. (NASDAQ:ECHO) by 6.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,065 shares of the transportation company’s stock after buying an additional 2,675 shares during the quarter. OppenheimerFunds Inc. owned about 0.16% of Echo Global Logistics worth $1,347,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ECHO. Federated Investors Inc. PA increased its holdings in Echo Global Logistics by 820.8% in the 1st quarter. Federated Investors Inc. PA now owns 4,116 shares of the transportation company’s stock worth $114,000 after buying an additional 3,669 shares during the period. SG Americas Securities LLC acquired a new position in Echo Global Logistics in the 2nd quarter worth approximately $175,000. Piedmont Investment Advisors LLC acquired a new position in Echo Global Logistics in the 2nd quarter worth approximately $182,000. PNC Financial Services Group Inc. increased its holdings in Echo Global Logistics by 392.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,440 shares of the transportation company’s stock worth $261,000 after buying an additional 7,523 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in Echo Global Logistics in the 1st quarter worth approximately $279,000. Institutional investors own 97.99% of the company’s stock.

In other news, CEO Douglas R. Waggoner sold 40,000 shares of the stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $31.46, for a total transaction of $1,258,400.00. Following the transaction, the chief executive officer now owns 346,332 shares in the company, valued at approximately $10,895,604.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kyle Sauers sold 6,000 shares of the stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $33.49, for a total value of $200,940.00. Following the transaction, the chief financial officer now owns 64,287 shares in the company, valued at approximately $2,152,971.63. The disclosure for this sale can be found here. Insiders have sold a total of 71,000 shares of company stock worth $2,307,090 in the last quarter. Insiders own 3.20% of the company’s stock.

Several equities research analysts have commented on ECHO shares. ValuEngine upgraded Echo Global Logistics from a “hold” rating to a “buy” rating in a research report on Monday, June 11th. Stifel Nicolaus started coverage on Echo Global Logistics in a research report on Tuesday, June 19th. They issued a “buy” rating and a $34.00 price objective on the stock. Cowen upped their price objective on Echo Global Logistics from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, July 16th. BidaskClub upgraded Echo Global Logistics from a “hold” rating to a “buy” rating in a research report on Tuesday, September 11th. Finally, Barrington Research restated a “buy” rating on shares of Echo Global Logistics in a research report on Friday, June 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $34.67.

Echo Global Logistics stock opened at $32.95 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.46 and a current ratio of 1.46. Echo Global Logistics, Inc. has a 12 month low of $17.70 and a 12 month high of $36.75. The company has a market capitalization of $946.37 million, a price-to-earnings ratio of 26.31, a P/E/G ratio of 1.33 and a beta of 1.57.

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

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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