Radiant Logistics (NYSEAMERICAN:RLGT) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Radiant Logistics (NYSEAMERICAN:RLGT) from a buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “Radiant Logistics is executing a strategy to build a global transportation and supply chain management company through organic growth and the strategic acquisition of regional best-of-breed non- asset based transportation and logistics providers to offer its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including asset recovery and reverse logistics, order fulfillment, inventory management and warehousing. “

Separately, Cowen set a $7.00 price objective on Radiant Logistics and gave the company a buy rating in a report on Friday, September 13th.

NYSEAMERICAN:RLGT traded up $0.14 during midday trading on Wednesday, hitting $5.22. The stock had a trading volume of 205,649 shares, compared to its average volume of 326,935. Radiant Logistics has a one year low of $4.06 and a one year high of $7.33.

Radiant Logistics (NYSEAMERICAN:RLGT) last announced its earnings results on Tuesday, November 12th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. The company had revenue of $200.54 million for the quarter, compared to the consensus estimate of $200.56 million.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Radiant Logistics by 5.7% during the 2nd quarter. BlackRock Inc. now owns 2,871,733 shares of the company’s stock valued at $17,632,000 after acquiring an additional 154,810 shares during the period. Russell Investments Group Ltd. grew its position in shares of Radiant Logistics by 40.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,532,066 shares of the company’s stock valued at $13,092,000 after acquiring an additional 724,092 shares during the period. Vanguard Group Inc. grew its position in shares of Radiant Logistics by 13.1% during the 2nd quarter. Vanguard Group Inc. now owns 1,831,774 shares of the company’s stock valued at $11,247,000 after acquiring an additional 212,462 shares during the period. Boston Partners grew its position in shares of Radiant Logistics by 579.7% during the 2nd quarter. Boston Partners now owns 1,086,342 shares of the company’s stock valued at $6,670,000 after acquiring an additional 926,522 shares during the period. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Radiant Logistics during the 2nd quarter valued at about $6,658,000. 39.47% of the stock is currently owned by institutional investors.

Radiant Logistics Company Profile

Radiant Logistics, Inc operates as a third-party logistics and multi-modal transportation services company primarily in the United States and Canada. The company offers domestic and international air and ocean freight forwarding services; and freight brokerage services, including truckload, less than truckload, and intermodal services.