BlackRock Inc. Has $98.89 Million Stake in Echo Global Logistics, Inc. (ECHO)

BlackRock Inc. lifted its position in Echo Global Logistics, Inc. (NASDAQ:ECHO) by 1.5% during the 1st quarter, Holdings Channel reports. The firm owned 3,583,112 shares of the transportation company’s stock after buying an additional 53,960 shares during the quarter. BlackRock Inc. owned approximately 0.13% of Echo Global Logistics worth $98,894,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Aperio Group LLC grew its holdings in shares of Echo Global Logistics by 57.4% in the 4th quarter. Aperio Group LLC now owns 24,520 shares of the transportation company’s stock worth $687,000 after purchasing an additional 8,937 shares during the last quarter. We Are One Seven LLC bought a new stake in shares of Echo Global Logistics in the 4th quarter worth about $171,000. Arizona State Retirement System grew its holdings in shares of Echo Global Logistics by 215.7% in the 4th quarter. Arizona State Retirement System now owns 44,088 shares of the transportation company’s stock worth $1,234,000 after purchasing an additional 30,124 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Echo Global Logistics by 10.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 246,238 shares of the transportation company’s stock worth $6,797,000 after purchasing an additional 23,958 shares during the last quarter. Finally, UBS Asset Management Americas Inc. bought a new stake in shares of Echo Global Logistics in the 4th quarter worth about $266,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:ECHO opened at $29.25 on Friday. Echo Global Logistics, Inc. has a 12 month low of $13.00 and a 12 month high of $32.95. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market cap of $818.49 million, a price-to-earnings ratio of 44.32, a P/E/G ratio of 1.35 and a beta of 1.48.

Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings data on Wednesday, April 25th. The transportation company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.10. Echo Global Logistics had a net margin of 0.96% and a return on equity of 7.50%. The firm had revenue of $577.10 million for the quarter, compared to analyst estimates of $538.90 million. During the same quarter in the prior year, the firm earned $0.09 EPS. The company’s revenue was up 38.8% on a year-over-year basis. analysts expect that Echo Global Logistics, Inc. will post 1.22 earnings per share for the current fiscal year.

In other Echo Global Logistics news, insider Peter Rogers sold 4,501 shares of the company’s stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $30.25, for a total transaction of $136,155.25. Following the transaction, the insider now directly owns 10,455 shares in the company, valued at approximately $316,263.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Douglas R. Waggoner sold 40,000 shares of the company’s stock in a transaction dated Monday, June 25th. The shares were sold at an average price of $30.15, for a total transaction of $1,206,000.00. Following the transaction, the chief executive officer now owns 346,332 shares in the company, valued at $10,441,909.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 214,501 shares of company stock worth $6,260,955. Corporate insiders own 3.20% of the company’s stock.

A number of equities research analysts have commented on the stock. ValuEngine raised shares of Echo Global Logistics from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. BidaskClub raised shares of Echo Global Logistics from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 4th. JPMorgan Chase & Co. increased their price objective on shares of Echo Global Logistics from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, April 26th. Credit Suisse Group increased their price objective on shares of Echo Global Logistics from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, April 26th. Finally, Zacks Investment Research lowered shares of Echo Global Logistics from a “buy” rating to a “hold” rating in a report on Tuesday, April 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $32.60.

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

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