United Services Automobile Association Sells 8,500 Shares of Echo Global Logistics, Inc. (NASDAQ:ECHO)

United Services Automobile Association reduced its position in Echo Global Logistics, Inc. (NASDAQ:ECHO) by 15.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,500 shares of the transportation company’s stock after selling 8,500 shares during the period. United Services Automobile Association owned 0.16% of Echo Global Logistics worth $1,014,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ECHO. Dimensional Fund Advisors LP raised its stake in Echo Global Logistics by 11.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,316,383 shares of the transportation company’s stock valued at $32,975,000 after buying an additional 130,084 shares in the last quarter. Janus Capital Management LLC raised its stake in shares of Echo Global Logistics by 38.3% in the fourth quarter. Janus Capital Management LLC now owns 950,105 shares of the transportation company’s stock valued at $23,800,000 after buying an additional 262,993 shares during the period. State Street Corp raised its stake in shares of Echo Global Logistics by 18.7% in the fourth quarter. State Street Corp now owns 719,567 shares of the transportation company’s stock valued at $18,033,000 after buying an additional 113,557 shares during the period. Rice Hall James & Associates LLC raised its stake in shares of Echo Global Logistics by 5.8% in the first quarter. Rice Hall James & Associates LLC now owns 619,702 shares of the transportation company’s stock valued at $13,231,000 after buying an additional 34,067 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Echo Global Logistics by 6.7% in the first quarter. Russell Investments Group Ltd. now owns 584,095 shares of the transportation company’s stock valued at $12,471,000 after buying an additional 36,590 shares during the period. 89.80% of the stock is owned by institutional investors and hedge funds.

Echo Global Logistics, Inc. (NASDAQ ECHO) traded down 1.91% on Friday, hitting $17.95. The company’s stock had a trading volume of 522,085 shares. The firm has a 50 day moving average of $19.49 and a 200 day moving average of $21.03. Echo Global Logistics, Inc. has a 12 month low of $17.85 and a 12 month high of $28.90. The firm’s market cap is $523.17 million.

Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings results on Wednesday, April 26th. The transportation company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.01. The business had revenue of $415.80 million for the quarter, compared to analyst estimates of $417.30 million. Echo Global Logistics had a positive return on equity of 3.65% and a negative net margin of 0.09%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 EPS. Equities research analysts forecast that Echo Global Logistics, Inc. will post $0.83 earnings per share for the current fiscal year.

Echo Global Logistics announced that its board has approved a stock buyback program on Monday, May 1st that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the transportation company to buy up to 9.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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Several equities research analysts have issued reports on the company. UBS AG raised Echo Global Logistics from a “neutral” rating to a “positive” rating in a research note on Thursday, April 13th. Cowen and Company dropped their price target on Echo Global Logistics from $25.00 to $23.00 and set an “outperform” rating for the company in a research note on Thursday, April 27th. Stifel Nicolaus reiterated a “buy” rating on shares of Echo Global Logistics in a report on Wednesday. Susquehanna Bancshares Inc upgraded Echo Global Logistics from a “neutral” rating to a “positive” rating in a report on Thursday, April 13th. Finally, Macquarie reiterated an “outperform” rating and issued a $29.00 price objective on shares of Echo Global Logistics in a report on Monday, July 10th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Echo Global Logistics has an average rating of “Buy” and a consensus price target of $28.14.

In other news, COO David B. Menzel sold 10,000 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $19.48, for a total value of $194,800.00. Following the completion of the sale, the chief operating officer now owns 163,141 shares in the company, valued at approximately $3,177,986.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.10% of the stock is currently owned by company insiders.

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.

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

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