IndexIQ Advisors LLC Takes $1.60 Million Position in Echo Global Logistics, Inc. (ECHO)

IndexIQ Advisors LLC acquired a new stake in Echo Global Logistics, Inc. (NASDAQ:ECHO) in the first quarter, HoldingsChannel reports. The fund acquired 64,718 shares of the transportation company’s stock, valued at approximately $1,604,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in ECHO. Quantamental Technologies LLC acquired a new stake in shares of Echo Global Logistics in the 4th quarter valued at $41,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Echo Global Logistics by 46.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,626 shares of the transportation company’s stock worth $65,000 after acquiring an additional 828 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Echo Global Logistics during the fourth quarter worth about $93,000. NumerixS Investment Technologies Inc raised its holdings in Echo Global Logistics by 148.4% during the fourth quarter. NumerixS Investment Technologies Inc now owns 4,720 shares of the transportation company’s stock worth $95,000 after acquiring an additional 2,820 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its holdings in Echo Global Logistics by 1,316.8% during the first quarter. BNP Paribas Arbitrage SA now owns 5,823 shares of the transportation company’s stock worth $144,000 after acquiring an additional 5,412 shares in the last quarter. 96.48% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ ECHO opened at $21.98 on Friday. The company has a market cap of $605.64 million, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 0.82 and a beta of 1.98. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.44 and a current ratio of 1.44. Echo Global Logistics, Inc. has a twelve month low of $18.83 and a twelve month high of $36.75.

Echo Global Logistics (NASDAQ:ECHO) last announced its quarterly earnings results on Wednesday, April 24th. The transportation company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Echo Global Logistics had a return on equity of 11.64% and a net margin of 1.15%. The firm had revenue of $538.10 million for the quarter, compared to the consensus estimate of $549.32 million. During the same quarter in the previous year, the business earned $0.40 earnings per share. The business’s revenue was down 6.8% compared to the same quarter last year. On average, analysts anticipate that Echo Global Logistics, Inc. will post 1.51 earnings per share for the current fiscal year.

Several research firms recently issued reports on ECHO. Cowen reiterated a “buy” rating and set a $33.00 target price on shares of Echo Global Logistics in a report on Thursday, April 25th. TheStreet raised Echo Global Logistics from a “c+” rating to a “b” rating in a research report on Thursday, April 4th. Zacks Investment Research downgraded Echo Global Logistics from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Susquehanna Bancshares downgraded Echo Global Logistics from a “positive” rating to a “neutral” rating in a research report on Wednesday, April 10th. Finally, BidaskClub raised Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Friday, March 29th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $29.71.

TRADEMARK VIOLATION WARNING: “IndexIQ Advisors LLC Takes $1.60 Million Position in Echo Global Logistics, Inc. (ECHO)” was originally posted by Baseball Daily News and is the sole property of of Baseball Daily News. If you are accessing this report on another domain, it was illegally stolen and reposted in violation of US & international trademark & copyright law. The correct version of this report can be accessed at https://www.baseballdailydigest.com/news/2019/05/17/indexiq-advisors-llc-takes-1-60-million-position-in-echo-global-logistics-inc-echo.html.

Echo Global Logistics Company Profile

Echo Global Logistics, Inc provides technology-enabled transportation and supply chain management solutions in the United States. It utilizes a proprietary technology platform to compile and analyze data from its multi-modal network of transportation providers for the transportation and logistics needs.

Featured Article: How Do Mutual Funds Work?

Want to see what other hedge funds are holding ECHO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Echo Global Logistics, Inc. (NASDAQ:ECHO).

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

Receive News & Ratings for Echo Global Logistics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Echo Global Logistics and related companies with MarketBeat.com's FREE daily email newsletter.