New York State Common Retirement Fund trimmed its stake in EchoStar Corporation (NASDAQ:SATS) by 16.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 101,700 shares of the communications equipment provider’s stock after selling 19,701 shares during the quarter. New York State Common Retirement Fund owned approximately 0.11% of EchoStar Corporation worth $6,173,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. Laurion Capital Management LP bought a new stake in EchoStar Corporation in the second quarter valued at $1,051,000. Amalgamated Bank lifted its stake in EchoStar Corporation by 30.9% in the second quarter. Amalgamated Bank now owns 8,544 shares of the communications equipment provider’s stock valued at $519,000 after buying an additional 2,017 shares during the last quarter. BlackRock Inc. lifted its stake in EchoStar Corporation by 2.7% in the second quarter. BlackRock Inc. now owns 1,981,989 shares of the communications equipment provider’s stock valued at $120,307,000 after buying an additional 52,406 shares during the last quarter. TIAA CREF Investment Management LLC lifted its stake in EchoStar Corporation by 4.9% in the second quarter. TIAA CREF Investment Management LLC now owns 158,284 shares of the communications equipment provider’s stock valued at $9,608,000 after buying an additional 7,465 shares during the last quarter. Finally, Teachers Advisors LLC lifted its stake in EchoStar Corporation by 5.3% in the second quarter. Teachers Advisors LLC now owns 54,870 shares of the communications equipment provider’s stock valued at $3,331,000 after buying an additional 2,745 shares during the last quarter. Institutional investors own 45.04% of the company’s stock.
In other EchoStar Corporation news, insider Anders N. Johnson sold 7,128 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $58.72, for a total value of $418,556.16. Following the transaction, the insider now owns 2,000 shares of the company’s stock, valued at $117,440. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO David Rayner sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $58.50, for a total value of $292,500.00. The disclosure for this sale can be found here. 73.54% of the stock is currently owned by insiders.
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Shares of EchoStar Corporation (NASDAQ SATS) opened at 55.30 on Friday. The company has a market capitalization of $5.29 billion, a PE ratio of 43.92 and a beta of 0.69. EchoStar Corporation has a 1-year low of $44.01 and a 1-year high of $62.50. The firm has a 50-day moving average price of $57.33 and a 200-day moving average price of $58.55.
EchoStar Corporation (NASDAQ:SATS) last posted its quarterly earnings data on Wednesday, August 9th. The communications equipment provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.05). The business had revenue of $465.08 million during the quarter, compared to analyst estimates of $455.25 million. EchoStar Corporation had a return on equity of 2.87% and a net margin of 5.03%. EchoStar Corporation’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.47 EPS. Equities analysts anticipate that EchoStar Corporation will post $0.83 earnings per share for the current year.
A number of research firms have issued reports on SATS. BidaskClub cut EchoStar Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. TheStreet cut EchoStar Corporation from a “b-” rating to a “c+” rating in a research note on Monday, August 21st. Finally, Jefferies Group LLC began coverage on EchoStar Corporation in a research note on Friday, September 8th. They issued a “hold” rating and a $65.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. EchoStar Corporation currently has an average rating of “Buy” and a consensus price target of $63.33.
About EchoStar Corporation
EchoStar Corporation is a holding company. The Company is a provider of satellite operations, video delivery solutions, digital set-top boxes, and broadband satellite technologies and services for home and office, delivering network technologies, managed services, and solutions for enterprises and governments.
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