Gabelli Funds LLC lessened its holdings in shares of Echostar Co. (NASDAQ:SATS) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 712,433 shares of the communications equipment provider’s stock after selling 8,200 shares during the quarter. Gabelli Funds LLC’s holdings in Echostar were worth $33,036,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Engineers Gate Manager LP purchased a new position in shares of Echostar during the 2nd quarter worth $2,318,000. BlueMountain Capital Management LLC lifted its stake in shares of Echostar by 40.7% during the 2nd quarter. BlueMountain Capital Management LLC now owns 15,291 shares of the communications equipment provider’s stock worth $679,000 after purchasing an additional 4,425 shares during the period. NJ State Employees Deferred Compensation Plan lifted its stake in shares of Echostar by 40.0% during the 3rd quarter. NJ State Employees Deferred Compensation Plan now owns 14,000 shares of the communications equipment provider’s stock worth $649,000 after purchasing an additional 4,000 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in shares of Echostar by 11.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 302,527 shares of the communications equipment provider’s stock worth $13,433,000 after purchasing an additional 30,218 shares during the period. Finally, United Services Automobile Association lifted its stake in shares of Echostar by 13.3% during the 2nd quarter. United Services Automobile Association now owns 9,906 shares of the communications equipment provider’s stock worth $403,000 after purchasing an additional 1,163 shares during the period. 47.76% of the stock is currently owned by institutional investors.
SATS has been the topic of a number of recent analyst reports. BidaskClub lowered Echostar from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 30th. Zacks Investment Research lowered Echostar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 12th. Finally, ValuEngine raised Echostar from a “sell” rating to a “hold” rating in a research note on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $65.67.
Shares of SATS opened at $41.45 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.71 and a current ratio of 2.77. The firm has a market capitalization of $3.98 billion, a P/E ratio of 49.35 and a beta of 0.88. Echostar Co. has a twelve month low of $36.72 and a twelve month high of $62.29.
Echostar (NASDAQ:SATS) last issued its earnings results on Tuesday, August 7th. The communications equipment provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.48. The business had revenue of $525.96 million for the quarter, compared to analyst estimates of $511.50 million. Echostar had a return on equity of 1.71% and a net margin of 20.03%. Equities research analysts expect that Echostar Co. will post 0.52 EPS for the current year.
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EchoStar Corporation provides satellite service operations and video delivery solutions worldwide. It operates in two segments, Hughes and EchoStar Satellite Services. The Hughes segments offers broadband satellite technologies and Internet services for home and small office customers; and broadband network technologies, managed services, equipment, hardware, satellite services, and communication solutions for aeronautical, enterprise, and government customers, as well as consumers.
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