Morgan Stanley cut shares of Echo Global Logistics (NASDAQ:ECHO) from an equal weight rating to an underweight rating in a report published on Friday, MarketBeat reports. The brokerage currently has $15.00 price target on the transportation company’s stock.
Other analysts also recently issued research reports about the company. Stifel Nicolaus raised their price objective 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. Stephens reaffirmed a buy rating and set a $34.00 price objective on shares of Echo Global Logistics in a research note on Wednesday, January 10th. Zacks Investment Research raised Echo Global Logistics from a hold rating to a buy rating and set a $32.00 price objective on the stock in a research note on Friday, February 16th. BidaskClub downgraded Echo Global Logistics from a strong-buy rating to a buy rating in a research note on Saturday, February 17th. Finally, Macquarie downgraded Echo Global Logistics from an outperform rating to a neutral rating in a research note on Thursday, December 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Echo Global Logistics has a consensus rating of Buy and a consensus target price of $30.40.
Echo Global Logistics (NASDAQ ECHO) traded down $0.40 during mid-day trading on Friday, hitting $26.95. The stock had a trading volume of 542,115 shares, compared to its average volume of 423,356. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.40 and a current ratio of 2.09. The firm has a market cap of $741.11, a P/E ratio of 192.50, a P/E/G ratio of 1.77 and a beta of 1.55. Echo Global Logistics has a one year low of $13.00 and a one year high of $32.95.
Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings data on Wednesday, February 7th. The transportation company reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.14. The business had revenue of $547.70 million for the quarter, compared to the consensus estimate of $484.47 million. Echo Global Logistics had a return on equity of 5.22% and a net margin of 0.65%. The firm’s revenue was up 34.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 EPS. analysts predict that Echo Global Logistics will post 0.88 EPS for the current year.
In other Echo Global Logistics news, COO David B. Menzel sold 50,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $28.64, for a total transaction of $1,432,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Wagner Ferguson sold 10,389 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $29.18, for a total value of $303,151.02. Following the transaction, the director now owns 17,983 shares of the company’s stock, valued at approximately $524,743.94. The disclosure for this sale can be found here. 8.10% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in ECHO. Vanguard Group Inc. grew its holdings in shares of Echo Global Logistics by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,472,288 shares of the transportation company’s stock valued at $29,299,000 after acquiring an additional 45,347 shares in the last quarter. Pitcairn Co. grew its holdings in shares of Echo Global Logistics by 60.4% in the 3rd quarter. Pitcairn Co. now owns 19,986 shares of the transportation company’s stock valued at $377,000 after acquiring an additional 7,527 shares in the last quarter. LaSalle Street Capital Management LLC bought a new position in shares of Echo Global Logistics in the 3rd quarter valued at about $800,000. Dimensional Fund Advisors LP grew its holdings in shares of Echo Global Logistics by 9.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,984,863 shares of the transportation company’s stock valued at $37,414,000 after acquiring an additional 177,818 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in shares of Echo Global Logistics by 71.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 74,288 shares of the transportation company’s stock valued at $1,478,000 after acquiring an additional 31,006 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.
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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.
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