Verition Fund Management LLC raised its stake in Echostar Co. (NASDAQ:SATS) by 180.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,633 shares of the communications equipment provider’s stock after acquiring an additional 11,993 shares during the period. Verition Fund Management LLC’s holdings in Echostar were worth $1,116,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Echostar during the third quarter valued at approximately $145,000. The Manufacturers Life Insurance Company raised its holdings in Echostar by 7.7% during the second quarter. The Manufacturers Life Insurance Company now owns 2,909 shares of the communications equipment provider’s stock worth $177,000 after purchasing an additional 207 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Echostar by 124.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,192 shares of the communications equipment provider’s stock worth $191,000 after purchasing an additional 1,772 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in Echostar during the fourth quarter worth approximately $197,000. Finally, CIBC Asset Management Inc bought a new stake in Echostar during the fourth quarter worth approximately $200,000. 45.87% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on SATS shares. BidaskClub cut Echostar from a “hold” rating to a “sell” rating in a report on Tuesday, April 3rd. TheStreet raised Echostar from a “c+” rating to a “b-” rating in a report on Tuesday, February 27th. Zacks Investment Research raised Echostar from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Tuesday, February 27th. Finally, Citigroup lifted their price objective on shares of Echostar from $71.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $71.00.
NASDAQ SATS traded down $0.85 on Friday, hitting $53.71. 275,514 shares of the stock were exchanged, compared to its average volume of 269,289. The company has a debt-to-equity ratio of 0.86, a quick ratio of 8.78 and a current ratio of 8.98. Echostar Co. has a 52-week low of $51.70 and a 52-week high of $62.50. The stock has a market cap of $5,147.19, a price-to-earnings ratio of 63.94, a PEG ratio of 13.86 and a beta of 0.82.
Echostar (NASDAQ:SATS) last posted its quarterly earnings results on Thursday, February 22nd. The communications equipment provider reported $0.08 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.03). Echostar had a net margin of 20.82% and a return on equity of 2.06%. The company had revenue of $506.05 million for the quarter, compared to analysts’ expectations of $508.33 million. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The company’s revenue was up 6.4% on a year-over-year basis. research analysts forecast that Echostar Co. will post 0.77 EPS for the current fiscal year.
In related news, CFO David Rayner sold 4,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $58.76, for a total value of $235,040.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael T. Dugan sold 1,800 shares of the company’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $62.11, for a total transaction of $111,798.00. Following the completion of the sale, the chief executive officer now owns 26,746 shares of the company’s stock, valued at $1,661,194.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,381 shares of company stock worth $1,105,920. 73.54% of the stock is currently owned by corporate insiders.
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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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