Echo Global Logistics, Inc. (NASDAQ:ECHO) Downgraded by Morgan Stanley to “Equal Weight”

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.

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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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