Echo Global Logistics (ECHO) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Echo Global Logistics (NASDAQ:ECHO) from a hold rating to a buy rating in a report issued on Thursday. The brokerage currently has $29.00 price target on the transportation company’s stock.

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 also recently issued reports on the company. Loop Capital upgraded Echo Global Logistics from a hold rating to a buy rating and upped their price objective for the company from $30.00 to $31.00 in a research report on Monday, October 29th. Barrington Research decreased their price objective on Echo Global Logistics from $37.00 to $33.00 and set an outperform rating on the stock in a research report on Friday, October 26th. UBS Group decreased their price objective on Echo Global Logistics from $31.00 to $27.00 and set a neutral rating on the stock in a research report on Thursday, October 25th. Cowen decreased their price objective on Echo Global Logistics from $42.00 to $40.00 and set an outperform rating on the stock in a research report on Thursday, October 25th. Finally, Morgan Stanley set a $22.00 price objective on Echo Global Logistics and gave the company a sell rating in a research report on Monday, October 22nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $33.10.

Echo Global Logistics stock traded down $0.52 during midday trading on Thursday, reaching $25.86. 4,664 shares of the stock traded hands, compared to its average volume of 512,805. Echo Global Logistics has a 12 month low of $23.15 and a 12 month high of $36.75. The firm has a market cap of $753.08 million, a PE ratio of 40.38, a PEG ratio of 0.97 and a beta of 1.84. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.55.

Echo Global Logistics (NASDAQ:ECHO) last announced its quarterly earnings results on Wednesday, October 24th. The transportation company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.09. Echo Global Logistics had a return on equity of 11.25% and a net margin of 1.46%. The company had revenue of $644.82 million during the quarter, compared to analyst estimates of $632.54 million. As a group, equities research analysts forecast that Echo Global Logistics will post 1.56 earnings per share for the current fiscal year.

In other Echo Global Logistics news, CEO Douglas R. Waggoner sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $33.03, for a total transaction of $165,150.00. Following the sale, the chief executive officer now directly owns 311,532 shares in the company, valued at $10,289,901.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Echo Global Logistics by 13.0% in the second quarter. BlackRock Inc. now owns 4,048,029 shares of the transportation company’s stock worth $118,405,000 after buying an additional 464,917 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Echo Global Logistics by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,374,061 shares of the transportation company’s stock worth $69,441,000 after buying an additional 53,996 shares during the period. Rice Hall James & Associates LLC increased its holdings 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. Intrinsic Edge Capital Management LLC increased its holdings in Echo Global Logistics by 29.4% during the 2nd quarter. Intrinsic Edge Capital Management LLC now owns 664,567 shares of the transportation company’s stock worth $19,439,000 after purchasing an additional 150,924 shares during the period. Finally, Northern Trust Corp increased its holdings in Echo Global Logistics by 6.6% during the 2nd quarter. Northern Trust Corp now owns 629,961 shares of the transportation company’s stock worth $18,426,000 after purchasing an additional 38,775 shares during the period. Hedge funds and other institutional investors own 99.40% of the company’s stock.

Echo Global Logistics Company Profile

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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