Echo Global Logistics, Inc. (NASDAQ:ECHO) shares reached a new 52-week low during trading on Monday after Morgan Stanley downgraded the stock from an overweight rating to an equal weight rating. Morgan Stanley now has a $14.00 price target on the stock, down from their previous price target of $26.00. Echo Global Logistics traded as low as $13.15 and last traded at $13.18, with a volume of 809,506 shares traded. The stock had previously closed at $13.85.
ECHO has been the topic of several other research reports. BidaskClub downgraded Echo Global Logistics from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Macquarie reaffirmed an “outperform” rating and issued a $29.00 price objective on shares of Echo Global Logistics in a research note on Monday, July 10th. Zacks Investment Research raised Echo Global Logistics from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Susquehanna Bancshares Inc raised Echo Global Logistics from a “neutral” rating to a “positive” rating in a research note on Thursday, April 13th. 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 note on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $20.14.
In other Echo Global Logistics 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 value of $194,800.00. Following the sale, the chief operating officer now owns 163,141 shares of the company’s stock, valued at approximately $3,177,986.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.10% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in ECHO. State of Alaska Department of Revenue increased its stake 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 last quarter. SG Americas Securities LLC increased its stake 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 last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Echo Global Logistics during the first quarter worth about $121,000. Mason Street Advisors LLC increased its stake 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 last quarter. Finally, Municipal Employees Retirement System of Michigan increased its stake in Echo Global Logistics by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 6,450 shares of the transportation company’s stock worth $128,000 after buying an additional 260 shares during the last quarter. 90.74% of the stock is currently owned by institutional investors and hedge funds.
The stock has a 50 day moving average price of $17.72 and a 200-day moving average price of $20.06. The stock’s market cap is $400.90 million.
Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings results on Thursday, July 27th. The transportation company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by $0.02. Echo Global Logistics had a positive return on equity of 3.22% and a negative net margin of 0.21%. The business had revenue of $470.10 million for the quarter, compared to analysts’ expectations of $470.25 million. During the same quarter in the prior year, the company posted $0.33 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, analysts expect that Echo Global Logistics, Inc. will post $0.59 earnings per share for the current year.
Echo Global Logistics declared that its Board of Directors has approved a share repurchase plan on Monday, May 1st that permits the company to buyback $50.00 million in shares. This buyback authorization permits the transportation company to buy up to 9.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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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