Echo Global Logistics, Inc. (NASDAQ:ECHO) shares hit a new 52-week low during trading on Monday . The company traded as low as $17.80 and last traded at $17.85, with a volume of 230,992 shares traded. The stock had previously closed at $17.95.
A number of brokerages have recently commented on ECHO. BidaskClub lowered Echo Global Logistics from a “hold” rating to a “sell” rating in a report on Monday. Stifel Nicolaus reiterated a “buy” rating on shares of Echo Global Logistics in a report on Wednesday, July 19th. Macquarie reiterated an “outperform” rating and set a $29.00 price target on shares of Echo Global Logistics in a report on Monday, July 10th. Zacks Investment Research upgraded Echo Global Logistics from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Finally, Cowen and Company cut their price target on Echo Global Logistics from $25.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, April 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $28.14.
The company’s 50-day moving average price is $19.41 and its 200 day moving average price is $20.90. The stock’s market capitalization is $531.91 million.
Echo Global Logistics (NASDAQ:ECHO) last released its quarterly earnings results on Wednesday, April 26th. The transportation company reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The firm had revenue of $415.80 million for the quarter, compared to analyst estimates of $417.30 million. Echo Global Logistics had a positive return on equity of 3.65% and a negative net margin of 0.09%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 earnings per share. Equities research analysts predict that Echo Global Logistics, Inc. will post $0.83 EPS for the current fiscal year.
Echo Global Logistics declared that its Board of Directors has authorized a stock buyback plan on Monday, May 1st that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the transportation company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Echo Global Logistics news, COO David B. Menzel sold 10,000 shares of Echo Global Logistics stock in a transaction on Monday, June 5th. The stock was sold at an average price of $19.48, for a total value of $194,800.00. Following the completion of the transaction, the chief operating officer now directly owns 163,141 shares of the company’s stock, valued at approximately $3,177,986.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.10% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its position in Echo Global Logistics by 77.3% in the second quarter. State of Alaska Department of Revenue now owns 5,371 shares of the transportation company’s stock worth $106,000 after buying an additional 2,341 shares during the period. SG Americas Securities LLC boosted its position in Echo Global Logistics by 1.3% in the first quarter. SG Americas Securities LLC now owns 5,628 shares of the transportation company’s stock worth $120,000 after buying an additional 70 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Echo Global Logistics during the first quarter worth approximately $121,000. Mason Street Advisors LLC boosted its position in Echo Global Logistics by 6.5% in the first quarter. Mason Street Advisors LLC now owns 6,391 shares of the transportation company’s stock worth $136,000 after buying an additional 388 shares during the period. Finally, Atria Investments LLC boosted its position in Echo Global Logistics by 5.0% in the first quarter. Atria Investments LLC now owns 10,461 shares of the transportation company’s stock worth $223,000 after buying an additional 496 shares during the period. 89.58% of the stock is owned by hedge funds and other institutional investors.
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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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