Echo Global Logistics (ECHO) Lifted to “Buy” at Zacks Investment Research

Echo Global Logistics (NASDAQ:ECHO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage currently has a $32.00 price objective on the transportation company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.90% from the company’s previous close.

According to Zacks, “Echo Global Logistics is a leading provider of technology enabled transportation and supply chain management services, delivered on a proprietary technology platform, serving the transportation and logistics needs of its clients. The company’s web-based technology platform compiles and analyzes data from its network of over 22,000 transportation providers to serve its clients’ shipping and freight management needs. Echo procures transportation and provides logistics services for more than 11,600 clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. Echo Global Logistics, Inc. is headquartered in Chicago, Illinois. “

A number of other equities research analysts have also commented on the company. Morgan Stanley raised their price target on Echo Global Logistics from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 26th. Cowen raised their price target on Echo Global Logistics from $19.00 to $23.00 and gave the stock an “outperform” rating in a research report on Thursday, October 26th. Stifel Nicolaus reaffirmed a “buy” rating and set a $31.00 price target (up previously from $25.00) on shares of Echo Global Logistics in a research report on Friday, December 8th. Barrington Research reaffirmed an “outperform” rating and set a $26.00 price target (up previously from $18.00) on shares of Echo Global Logistics in a research report on Monday, October 30th. Finally, Macquarie lowered Echo Global Logistics from an “outperform” rating to a “neutral” rating in a research report on Thursday, December 14th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $30.40.

Echo Global Logistics (NASDAQ:ECHO) opened at $27.85 on Friday. Echo Global Logistics has a one year low of $13.00 and a one year high of $32.95. The company has a quick ratio of 1.40, a current ratio of 2.09 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $803.74, a PE ratio of 60.54, a price-to-earnings-growth ratio of 1.86 and a beta of 1.55.

Echo Global Logistics (NASDAQ:ECHO) last released its earnings results on Wednesday, February 7th. The transportation company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.14. Echo Global Logistics had a return on equity of 5.22% and a net margin of 0.65%. The firm had revenue of $547.70 million for the quarter, compared to analyst estimates of $484.47 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. The company’s quarterly revenue was up 34.6% on a year-over-year basis. equities research analysts expect that Echo Global Logistics will post 0.88 EPS for the current fiscal year.

In related news, COO David B. Menzel sold 50,000 shares of Echo Global Logistics stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $28.64, for a total value of $1,432,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO David B. Menzel sold 30,000 shares of Echo Global Logistics stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $24.55, for a total value of $736,500.00. Following the completion of the sale, the chief operating officer now directly owns 180,322 shares in the company, valued at approximately $4,426,905.10. The disclosure for this sale can be found here. In the last three months, insiders sold 90,389 shares of company stock worth $2,471,651. 8.10% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in ECHO. Vanguard Group Inc. grew its stake in Echo Global Logistics by 3.2% in the second quarter. Vanguard Group Inc. now owns 1,472,288 shares of the transportation company’s stock valued at $29,299,000 after purchasing an additional 45,347 shares in the last quarter. Pitcairn Co. grew its stake in Echo Global Logistics by 60.4% in the third quarter. Pitcairn Co. now owns 19,986 shares of the transportation company’s stock valued at $377,000 after purchasing an additional 7,527 shares in the last quarter. LaSalle Street Capital Management LLC bought a new position in Echo Global Logistics in the third quarter valued at approximately $800,000. Dimensional Fund Advisors LP grew its stake in Echo Global Logistics by 9.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,984,863 shares of the transportation company’s stock valued at $37,414,000 after purchasing an additional 177,818 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in Echo Global Logistics by 71.6% in the second quarter. Parametric Portfolio Associates LLC now owns 74,288 shares of the transportation company’s stock valued at $1,478,000 after purchasing an additional 31,006 shares in the last quarter. 93.65% of the stock is currently owned by institutional investors and hedge funds.

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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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