Barrington Research reaffirmed their outperform rating on shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) in a research report report published on Monday, MarketBeat.com reports. Barrington Research currently has a $26.00 price objective on the transportation company’s stock, up from their previous price objective of $18.00.
Several other research firms have also recently weighed in on ECHO. Zacks Investment Research raised shares of Echo Global Logistics from a sell rating to a hold rating in a research report on Monday, October 2nd. BidaskClub cut shares of Echo Global Logistics from a sell rating to a strong sell rating in a research report on Monday, July 31st. Cowen and Company reaffirmed a buy rating and set a $19.00 price objective on shares of Echo Global Logistics in a research report on Friday, September 1st. UBS AG upped their price objective on shares of Echo Global Logistics from $13.00 to $19.00 and gave the stock a sell rating in a research report on Thursday, October 26th. Finally, William Blair reaffirmed a market perform rating on shares of Echo Global Logistics in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $23.56.
Echo Global Logistics (NASDAQ:ECHO) last announced its earnings results on Wednesday, October 25th. The transportation company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.09. Echo Global Logistics had a negative net margin of 0.20% and a positive return on equity of 3.29%. The company had revenue of $509.50 million during the quarter, compared to analysts’ expectations of $473.44 million. During the same quarter in the previous year, the business posted $0.25 earnings per share. Echo Global Logistics’s quarterly revenue was up 10.7% on a year-over-year basis.
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In other Echo Global Logistics news, COO David B. Menzel sold 57,500 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $23.91, for a total transaction of $1,374,825.00. Following the completion of the transaction, the chief operating officer now owns 187,822 shares of the company’s stock, valued at $4,490,824.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kyle Sauers sold 20,000 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $23.92, for a total value of $478,400.00. Following the transaction, the chief financial officer now directly owns 65,919 shares of the company’s stock, valued at approximately $1,576,782.48. The disclosure for this sale can be found here. Corporate insiders own 8.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Kornitzer Capital Management Inc. KS acquired a new position in Echo Global Logistics during the third quarter worth about $5,942,000. State Board of Administration of Florida Retirement System raised its stake in Echo Global Logistics by 15.2% during the third quarter. State Board of Administration of Florida Retirement System now owns 29,695 shares of the transportation company’s stock worth $560,000 after acquiring an additional 3,929 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in Echo Global Logistics during the third quarter worth about $207,000. Aperio Group LLC acquired a new position in Echo Global Logistics during the third quarter worth about $294,000. Finally, Nationwide Fund Advisors raised its stake in Echo Global Logistics by 48.0% during the third quarter. Nationwide Fund Advisors now owns 29,475 shares of the transportation company’s stock worth $556,000 after acquiring an additional 9,554 shares in the last quarter. 86.43% of the stock is owned by hedge funds and other institutional investors.
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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