Echo Global Logistics, Inc. (NASDAQ:ECHO) announced its earnings results on Thursday. The transportation company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by $0.02, Bloomberg Earnings reports. Echo Global Logistics had a negative net margin of 0.21% and a positive return on equity of 3.19%. The company had revenue of $470.10 million for the quarter, compared to the consensus estimate of $470.25 million. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year.
Echo Global Logistics (ECHO) traded down 20.17% on Friday, hitting $13.85. 1,964,085 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $19.12 and a 200-day moving average price of $20.72. Echo Global Logistics has a 12 month low of $13.70 and a 12 month high of $28.90. The stock’s market cap is $339.82 million.
Several equities research analysts have issued reports on ECHO shares. Stifel Nicolaus reiterated a “buy” rating on shares of Echo Global Logistics in a research report on Wednesday, July 19th. Zacks Investment Research upgraded shares of Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. ValuEngine upgraded shares of Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Friday. Macquarie reiterated an “outperform” rating and set a $29.00 target price on shares of Echo Global Logistics in a research report on Monday, July 10th. Finally, Cowen and Company dropped their target price on shares of Echo Global Logistics from $25.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. Echo Global Logistics currently has a consensus rating of “Hold” and a consensus target price of $27.50.
Echo Global Logistics declared that its board has approved a stock repurchase program on Monday, May 1st that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the transportation company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In other news, COO David B. Menzel sold 10,000 shares of the 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 completion of the transaction, the chief operating officer now directly owns 163,141 shares in the company, valued at approximately $3,177,986.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Echo Global Logistics by 13.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,497,435 shares of the transportation company’s stock worth $31,970,000 after buying an additional 181,052 shares in the last quarter. Vanguard Group Inc. increased its position in Echo Global Logistics by 8.4% in the first quarter. Vanguard Group Inc. now owns 1,426,941 shares of the transportation company’s stock worth $30,465,000 after buying an additional 110,145 shares in the last quarter. Loomis Sayles & Co. L P increased its position in Echo Global Logistics by 53.0% in the first quarter. Loomis Sayles & Co. L P now owns 786,219 shares of the transportation company’s stock worth $16,786,000 after buying an additional 272,321 shares in the last quarter. State Street Corp increased its position in Echo Global Logistics by 1.2% in the first quarter. State Street Corp now owns 727,918 shares of the transportation company’s stock worth $15,540,000 after buying an additional 8,351 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its position in Echo Global Logistics by 6.9% in the first quarter. Stephens Investment Management Group LLC now owns 636,876 shares of the transportation company’s stock worth $13,597,000 after buying an additional 40,974 shares in the last quarter. Hedge funds and other institutional investors own 89.58% 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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