Weiss Asset Management LP purchased a new stake in Echostar Co. (NASDAQ:SATS) during the 1st quarter, Holdings Channel reports. The firm purchased 47,484 shares of the communications equipment provider’s stock, valued at approximately $1,731,000.
Other hedge funds have also modified their holdings of the company. Park West Asset Management LLC acquired a new position in shares of Echostar during the 4th quarter worth about $38,556,000. Norges Bank acquired a new position in shares of Echostar during the 4th quarter worth about $20,726,000. Ancora Advisors LLC acquired a new position in Echostar in the 4th quarter valued at about $9,196,000. Barclays PLC grew its stake in Echostar by 1,169.6% in the 4th quarter. Barclays PLC now owns 199,940 shares of the communications equipment provider’s stock valued at $7,342,000 after buying an additional 184,192 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Echostar by 25.3% in the 4th quarter. Millennium Management LLC now owns 828,151 shares of the communications equipment provider’s stock valued at $30,410,000 after buying an additional 167,267 shares during the last quarter. Hedge funds and other institutional investors own 47.48% of the company’s stock.
Shares of SATS opened at $43.05 on Monday. Echostar Co. has a 52 week low of $33.58 and a 52 week high of $49.93. The stock has a market capitalization of $4.12 billion, a P/E ratio of 113.29 and a beta of 0.77. The company has a current ratio of 2.73, a quick ratio of 2.68 and a debt-to-equity ratio of 0.64.
Echostar (NASDAQ:SATS) last announced its quarterly earnings results on Wednesday, May 8th. The communications equipment provider reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.05. Echostar had a negative net margin of 0.20% and a positive return on equity of 0.87%. The business had revenue of $531.08 million for the quarter, compared to analyst estimates of $529.55 million. During the same quarter in the prior year, the business earned ($0.22) EPS. Echostar’s quarterly revenue was up 5.8% on a year-over-year basis. Equities analysts expect that Echostar Co. will post 0.96 earnings per share for the current year.
A number of research analysts recently commented on the stock. BidaskClub lowered shares of Echostar from a “buy” rating to a “hold” rating in a research note on Tuesday, June 11th. Daiwa Capital Markets lowered shares of Echostar from an “outperform” rating to a “neutral” rating in a research note on Friday, May 17th. Citigroup decreased their price target on shares of Echostar from $61.00 to $59.00 and set a “buy” rating on the stock in a research note on Wednesday, February 27th. Finally, Raymond James decreased their price target on shares of Echostar from $67.00 to $62.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, May 21st. Four research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $55.67.
In other Echostar news, CEO Michael T. Dugan sold 50,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $42.89, for a total value of $2,144,500.00. Following the completion of the sale, the chief executive officer now owns 75,146 shares of the company’s stock, valued at approximately $3,223,011.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 51.60% of the company’s stock.
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Echostar Company Profile
EchoStar Corporation, together with its subsidiaries, provides broadband satellite technologies and broadband Internet services for home and small office customers, satellite operations, and satellite services 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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