Echo Global Logistics, Inc. (ECHO) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System cut its stake in Echo Global Logistics, Inc. (NASDAQ:ECHO) by 13.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,864 shares of the transportation company’s stock after selling 7,700 shares during the period. California State Teachers Retirement System owned 0.17% of Echo Global Logistics worth $972,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Louisiana State Employees Retirement System lifted its stake in Echo Global Logistics by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 11,200 shares of the transportation company’s stock valued at $223,000 after buying an additional 100 shares during the period. Nicolet Bankshares Inc. raised its position in Echo Global Logistics by 1.4% in the 2nd quarter. Nicolet Bankshares Inc. now owns 11,005 shares of the transportation company’s stock valued at $219,000 after buying an additional 150 shares during the last quarter. Texas Permanent School Fund raised its position in Echo Global Logistics by 1.1% in the 2nd quarter. Texas Permanent School Fund now owns 20,003 shares of the transportation company’s stock valued at $398,000 after buying an additional 214 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in Echo Global Logistics by 4.2% in the 2nd 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. Finally, ETRADE Capital Management LLC grew its stake in Echo Global Logistics by 1.0% in the 2nd quarter. ETRADE Capital Management LLC now owns 39,327 shares of the transportation company’s stock valued at $783,000 after purchasing an additional 407 shares during the period. Institutional investors and hedge funds own 95.08% of the company’s stock.

In related news, COO David B. Menzel sold 30,000 shares of the company’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $24.55, for a total transaction of $736,500.00. Following the completion of the sale, the chief operating officer now owns 180,322 shares in the company, valued at $4,426,905.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Douglas R. Waggoner sold 25,160 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $23.91, for a total value of $601,575.60. The disclosure for this sale can be found here. Insiders have sold 253,660 shares of company stock valued at $6,035,871 in the last quarter. 8.10% of the stock is owned by company insiders.

Shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) opened at $26.45 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.40 and a quick ratio of 1.40. Echo Global Logistics, Inc. has a 1 year low of $13.00 and a 1 year high of $28.90. The firm has a market capitalization of $764.67, a P/E ratio of 66.83, a PEG ratio of 3.18 and a beta of 1.55.

Echo Global Logistics (NASDAQ:ECHO) last released its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.09. The company had revenue of $509.50 million for the quarter, compared to analyst estimates of $473.44 million. Echo Global Logistics had a positive return on equity of 3.29% and a negative net margin of 0.20%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.25 earnings per share. equities research analysts anticipate that Echo Global Logistics, Inc. will post 0.49 earnings per share for the current year.

A number of research analysts have issued reports on the company. Zacks Investment Research upgraded Echo Global Logistics from a “sell” rating to a “hold” rating and set a $27.00 price objective for the company in a research note on Wednesday, November 1st. Barrington Research reiterated an “outperform” rating and set a $26.00 price target (up previously from $18.00) on shares of Echo Global Logistics in a research note on Monday, October 30th. Credit Suisse Group raised their target price on Echo Global Logistics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, October 26th. Morgan Stanley raised their target price on Echo Global Logistics from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 26th. Finally, Stifel Nicolaus raised their target price on Echo Global Logistics from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. Echo Global Logistics currently has an average rating of “Hold” and a consensus price target of $23.90.

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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.

Institutional Ownership by Quarter for Echo Global Logistics (NASDAQ:ECHO)

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