Zacks Investment Research cut shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) from a hold rating to a sell rating in a research report report published on Tuesday.
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. “
ECHO has been the subject of several other reports. BidaskClub lowered Echo Global Logistics from a hold rating to a sell rating in a research note on Monday, July 24th. Stifel Nicolaus reaffirmed a buy rating and issued a $18.00 price objective on shares of Echo Global Logistics in a research note on Tuesday, September 12th. ValuEngine lowered Echo Global Logistics from a hold rating to a sell rating in a research note on Friday, September 1st. Macquarie reissued an outperform rating and set a $29.00 price target on shares of Echo Global Logistics in a research note on Monday, July 10th. Finally, Cowen and Company reissued a buy rating and set a $19.00 price target on shares of Echo Global Logistics in a research note on Friday, September 1st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Echo Global Logistics presently has a consensus rating of Hold and an average target price of $20.00.
Echo Global Logistics (NASDAQ:ECHO) last posted its quarterly earnings data on Thursday, July 27th. The transportation company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02). The company had revenue of $470.10 million during the quarter, compared to the consensus estimate of $470.25 million. Echo Global Logistics had a negative net margin of 0.21% and a positive return on equity of 3.22%. Echo Global Logistics’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.33 earnings per share.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in ECHO. State of Alaska Department of Revenue increased its holdings in Echo Global Logistics by 77.3% during the 2nd 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 during the period. SG Americas Securities LLC increased its holdings in Echo Global Logistics by 1.3% during the 1st 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 during the period. Oppenheimer Asset Management Inc. purchased a new position in Echo Global Logistics during the 1st quarter worth $121,000. Municipal Employees Retirement System of Michigan increased its holdings in shares of Echo Global Logistics by 4.2% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 6,450 shares of the transportation company’s stock valued at $128,000 after acquiring an additional 260 shares during the period. Finally, Mason Street Advisors LLC increased its holdings in shares of Echo Global Logistics by 6.5% in the 1st quarter. Mason Street Advisors LLC now owns 6,391 shares of the transportation company’s stock valued at $136,000 after acquiring an additional 388 shares during the period. Institutional investors own 87.50% of the company’s stock.
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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