Echo Global Logistics, Inc. (NASDAQ:ECHO) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Monday, August 7th, Marketbeat.com reports. They currently have a $14.00 price objective on the transportation company’s stock, down from their previous price objective of $26.00.
Several other equities analysts also recently weighed in on ECHO. Zacks Investment Research downgraded Echo Global Logistics from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. William Blair restated a “market perform” rating on shares of Echo Global Logistics in a research report on Friday, July 28th. BidaskClub downgraded Echo Global Logistics from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Barrington Research decreased their target price on Echo Global Logistics from $28.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, July 31st. Finally, Credit Suisse Group downgraded Echo Global Logistics from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $23.00 to $14.00 in a research report on Monday, July 31st. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $20.14.
Shares of Echo Global Logistics (NASDAQ ECHO) traded up 1.45% during mid-day trading on Monday, hitting $14.00. The stock had a trading volume of 557,118 shares. The stock’s market cap is $399.48 million. The firm has a 50 day moving average of $16.75 and a 200-day moving average of $19.61. Echo Global Logistics has a one year low of $13.00 and a one year high of $28.90.
Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings data on Thursday, July 27th. The transportation company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.20 by $0.02. Echo Global Logistics had a negative net margin of 0.21% and a positive return on equity of 3.22%. The business had revenue of $470.10 million during the quarter, compared to analyst estimates of $470.25 million. During the same period in the previous year, the business posted $0.33 earnings per share. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. Equities research analysts expect that Echo Global Logistics will post $0.59 earnings per share for the current fiscal year.
Echo Global Logistics declared that its Board of Directors has approved a share buyback program on Monday, May 1st that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the transportation company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.
In related news, COO David B. Menzel sold 10,000 shares of Echo Global Logistics stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $19.48, for a total transaction of $194,800.00. Following the transaction, the chief operating officer now owns 163,141 shares in the company, valued at $3,177,986.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 8.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in ECHO. Dynamic Technology Lab Private Ltd bought a new position in shares of Echo Global Logistics during the second quarter worth approximately $353,000. North Star Asset Management Inc. increased its position in shares of Echo Global Logistics by 4.2% in the second quarter. North Star Asset Management Inc. now owns 433,452 shares of the transportation company’s stock worth $8,626,000 after buying an additional 17,352 shares during the last quarter. State Street Corp increased its position in shares of Echo Global Logistics by 2.1% in the second quarter. State Street Corp now owns 743,270 shares of the transportation company’s stock worth $14,792,000 after buying an additional 15,352 shares during the last quarter. Janus Henderson Group PLC bought a new position in shares of Echo Global Logistics during the second quarter worth approximately $14,062,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Echo Global Logistics during the second quarter worth approximately $232,000. Hedge funds and other institutional investors own 90.90% of the company’s stock.
Echo Global Logistics Company Profile
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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