Echo Global Logistics, Inc. (NASDAQ:ECHO) shares reached a new 52-week low 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 changing hands. The stock had previously closed at $13.85.
A number of other research analysts have also weighed in on ECHO. UBS AG raised shares of Echo Global Logistics from a “neutral” rating to a “positive” rating in a research report on Thursday, April 13th. William Blair reissued a “market perform” rating on shares of Echo Global Logistics in a research report on Friday, July 28th. BidaskClub lowered shares of Echo Global Logistics from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Stifel Nicolaus reissued a “buy” rating on shares of Echo Global Logistics in a research report on Wednesday, July 19th. Finally, Barrington Research dropped their price target on shares of 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. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $20.14.
In related news, COO David B. Menzel sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $19.48, for a total transaction of $194,800.00. Following the completion of the sale, the chief operating officer now owns 163,141 shares in the company, valued at $3,177,986.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.10% of the company’s stock.
A number of hedge funds have recently bought and sold shares of ECHO. State of Alaska Department of Revenue increased 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 valued at $106,000 after buying an additional 2,341 shares during the last quarter. SG Americas Securities LLC increased 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 valued at $120,000 after buying an additional 70 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Echo Global Logistics during the first quarter valued at $121,000. Mason Street Advisors LLC increased 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 valued at $136,000 after buying an additional 388 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its position 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 valued at $128,000 after buying an additional 260 shares during the last quarter. Institutional investors and hedge funds own 90.90% of the company’s stock.
The firm has a 50-day moving average of $16.75 and a 200-day moving average of $19.61. The firm’s market capitalization is $399.48 million.
Echo Global Logistics (NASDAQ:ECHO) last released its quarterly earnings results on Thursday, July 27th. The transportation company reported $0.18 EPS for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $470.25 million. During the same period in the previous year, the company earned $0.33 EPS. Echo Global Logistics’s revenue for the quarter was up 5.9% compared to the same quarter last year. Analysts expect that Echo Global Logistics, Inc. will post $0.59 EPS for the current fiscal year.
Echo Global Logistics announced that its board has approved a stock buyback plan on Monday, May 1st that allows the company to buyback $50.00 million in shares. This buyback authorization allows the transportation company to buy up to 9.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
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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