Echo Global Logistics (ECHO) Downgraded by BidaskClub

BidaskClub downgraded shares of Echo Global Logistics (NASDAQ:ECHO) from a buy rating to a hold rating in a research note released on Thursday.

ECHO has been the subject of a number of other reports. Zacks Investment Research upgraded Echo Global Logistics from a hold rating to a strong-buy rating and set a $32.00 price objective for the company in a report on Monday, April 30th. ValuEngine downgraded Echo Global Logistics from a buy rating to a hold rating in a report on Friday, April 27th. Credit Suisse Group upped their price objective on Echo Global Logistics from $29.00 to $30.00 and gave the stock a neutral rating in a report on Thursday, April 26th. Morgan Stanley upped their price objective on Echo Global Logistics from $20.00 to $21.00 and gave the stock a sell rating in a report on Tuesday, May 1st. Finally, UBS Group dropped their price objective on Echo Global Logistics from $33.00 to $31.00 and set a neutral rating for the company in a report on Thursday, April 26th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Echo Global Logistics presently has an average rating of Buy and a consensus price target of $34.67.

Shares of Echo Global Logistics opened at $32.90 on Thursday, according to MarketBeat. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.46 and a quick ratio of 1.46. The firm has a market capitalization of $930.67 million, a price-to-earnings ratio of 49.85, a price-to-earnings-growth ratio of 1.31 and a beta of 1.57. Echo Global Logistics has a fifty-two week low of $13.25 and a fifty-two week high of $34.83.

Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings results on Wednesday, July 25th. The transportation company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The company had revenue of $635.00 million during the quarter, compared to the consensus estimate of $611.26 million. Echo Global Logistics had a return on equity of 9.43% and a net margin of 1.24%. Echo Global Logistics’s revenue was up 35.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. analysts forecast that Echo Global Logistics will post 1.42 EPS for the current year.

In related news, COO David B. Menzel sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $34.13, for a total transaction of $682,600.00. Following the completion of the sale, the chief operating officer now directly owns 147,334 shares of the company’s stock, valued at approximately $5,028,509.42. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Peter Rogers sold 4,501 shares of the company’s stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $30.25, for a total transaction of $136,155.25. Following the sale, the insider now directly owns 10,455 shares of the company’s stock, valued at $316,263.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 165,301 shares of company stock valued at $5,079,239. 3.20% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in Echo Global Logistics by 13.0% during the 2nd quarter. BlackRock Inc. now owns 4,048,029 shares of the transportation company’s stock worth $118,405,000 after purchasing an additional 464,917 shares during the period. Dimensional Fund Advisors LP boosted its position in Echo Global Logistics by 2.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,374,061 shares of the transportation company’s stock worth $69,441,000 after purchasing an additional 53,996 shares during the period. Summit Trail Advisors LLC boosted its position in Echo Global Logistics by 2,251.9% during the 1st quarter. Summit Trail Advisors LLC now owns 720,147 shares of the transportation company’s stock worth $720,000 after purchasing an additional 689,527 shares during the period. Rice Hall James & Associates LLC boosted its position in Echo Global Logistics by 1.5% during the 2nd quarter. Rice Hall James & Associates LLC now owns 704,811 shares of the transportation company’s stock worth $20,616,000 after purchasing an additional 10,592 shares during the period. Finally, Public Employees Retirement Association of Colorado boosted its position in Echo Global Logistics by 22.2% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 583,952 shares of the transportation company’s stock worth $17,081,000 after purchasing an additional 106,000 shares during the period. 96.43% of the stock is owned by hedge funds and other institutional investors.

About Echo Global Logistics

Echo Global Logistics, Inc provides technology-enabled transportation and supply chain management solutions in the United States. It uses a proprietary technology platform to compile and analyze data from its multi-modal network of transportation providers for the transportation and logistics needs. The company offers services in various transportation modes, such as truckload, less-than truckload, small parcel, inter-modal, domestic air, and expedited and international.

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