Rhumbline Advisers Lowers Stock Position in Echo Global Logistics, Inc. (NASDAQ:ECHO)

Rhumbline Advisers cut its stake in shares of Echo Global Logistics, Inc. (NASDAQ:ECHO) by 8.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 83,795 shares of the transportation company’s stock after selling 7,576 shares during the quarter. Rhumbline Advisers’ holdings in Echo Global Logistics were worth $2,576,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ECHO. BlackRock Inc. boosted its position in Echo Global Logistics by 2.7% during the 1st quarter. BlackRock Inc. now owns 5,242,705 shares of the transportation company’s stock worth $164,673,000 after purchasing an additional 135,945 shares during the period. JPMorgan Chase & Co. boosted its position in Echo Global Logistics by 19.4% during the 1st quarter. JPMorgan Chase & Co. now owns 759,946 shares of the transportation company’s stock worth $23,870,000 after purchasing an additional 123,596 shares during the period. Millennium Management LLC boosted its position in Echo Global Logistics by 467.0% during the 1st quarter. Millennium Management LLC now owns 135,316 shares of the transportation company’s stock worth $4,250,000 after purchasing an additional 111,451 shares during the period. Victory Capital Management Inc. boosted its position in Echo Global Logistics by 65.1% during the 1st quarter. Victory Capital Management Inc. now owns 156,333 shares of the transportation company’s stock worth $4,911,000 after purchasing an additional 61,653 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Echo Global Logistics by 9.9% during the 1st quarter. Russell Investments Group Ltd. now owns 404,757 shares of the transportation company’s stock worth $12,710,000 after purchasing an additional 36,342 shares during the period. 91.02% of the stock is owned by hedge funds and other institutional investors.

A number of analysts recently weighed in on ECHO shares. Morgan Stanley upped their price target on shares of Echo Global Logistics from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, August 2nd. Stifel Nicolaus cut shares of Echo Global Logistics from a “buy” rating to a “hold” rating and upped their price objective for the company from $42.00 to $48.25 in a research report on Monday, September 13th. Truist Financial cut shares of Echo Global Logistics to a “hold” rating and set a $48.30 price objective for the company. in a research report on Monday, September 13th. Truist cut shares of Echo Global Logistics from a “buy” rating to a “hold” rating and upped their price objective for the company from $36.00 to $48.25 in a research report on Monday, September 13th. Finally, Truist Securities cut shares of Echo Global Logistics from a “buy” rating to a “hold” rating and upped their price objective for the company from $36.00 to $48.25 in a research report on Monday, September 13th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Echo Global Logistics has a consensus rating of “Hold” and an average price target of $40.37.

Shares of Echo Global Logistics stock opened at $47.79 on Tuesday. The firm has a market cap of $1.27 billion, a PE ratio of 27.47 and a beta of 1.15. The firm’s 50-day simple moving average is $33.18 and its 200-day simple moving average is $32.63. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.28 and a current ratio of 1.28. Echo Global Logistics, Inc. has a 1 year low of $25.00 and a 1 year high of $48.26.

Echo Global Logistics (NASDAQ:ECHO) last released its quarterly earnings data on Wednesday, July 28th. The transportation company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.30. The firm had revenue of $934.50 million for the quarter, compared to analyst estimates of $862.26 million. Echo Global Logistics had a net margin of 1.46% and a return on equity of 13.45%. On average, equities analysts predict that Echo Global Logistics, Inc. will post 2.4 earnings per share for the current year.

About Echo Global Logistics

Echo Global Logistics, Inc engages in the provision of technology enabled transportation and supply chain management services. It offers truckload, small parcel, intermodal, domestic air and expedited services, and international transportation solutions. The company was founded by Bradley A. Keywell and Eric P.

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

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