Raymond James & Associates increased its holdings in Echostar Co. (NASDAQ:SATS) by 19.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,989 shares of the communications equipment provider’s stock after acquiring an additional 9,132 shares during the quarter. Raymond James & Associates owned approximately 0.06% of Echostar worth $2,004,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Macquarie Group Ltd. grew its position in Echostar by 600.0% in the 4th quarter. Macquarie Group Ltd. now owns 700 shares of the communications equipment provider’s stock valued at $26,000 after buying an additional 600 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Echostar by 62.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,234 shares of the communications equipment provider’s stock valued at $83,000 after buying an additional 861 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Echostar in the 4th quarter valued at $86,000. Amundi Pioneer Asset Management Inc. purchased a new position in Echostar in the 4th quarter valued at $169,000. Finally, Great West Life Assurance Co. Can boosted its position in shares of Echostar by 27.2% during the 4th quarter. Great West Life Assurance Co. Can now owns 6,333 shares of the communications equipment provider’s stock worth $224,000 after purchasing an additional 1,353 shares in the last quarter. 47.87% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Michael T. Dugan sold 50,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $37.23, for a total value of $1,861,500.00. Following the completion of the transaction, the chief executive officer now owns 75,146 shares of the company’s stock, valued at approximately $2,797,685.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael T. Dugan sold 100,000 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $37.24, for a total transaction of $3,724,000.00. Following the completion of the transaction, the chief executive officer now directly owns 75,146 shares of the company’s stock, valued at approximately $2,798,437.04. The disclosure for this sale can be found here. Insiders sold a total of 200,000 shares of company stock worth $7,730,000 over the last quarter. Insiders own 51.60% of the company’s stock.
Echostar stock opened at $42.55 on Thursday. Echostar Co. has a 52 week low of $33.58 and a 52 week high of $49.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.68 and a current ratio of 2.73. The stock has a market capitalization of $4.14 billion, a P/E ratio of 111.96 and a beta of 0.78.
Echostar (NASDAQ:SATS) last released its quarterly earnings data on Wednesday, May 8th. The communications equipment provider reported $0.15 EPS for the quarter, topping the 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 period in the previous year, the firm earned ($0.22) EPS. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. Analysts forecast that Echostar Co. will post 0.96 EPS for the current fiscal year.
SATS has been the topic of several research analyst reports. BidaskClub upgraded shares of Echostar from a “hold” rating to a “buy” rating in a research report on Wednesday, May 29th. Citigroup decreased their target price on shares of Echostar from $61.00 to $59.00 and set a “buy” rating on the stock in a research report on Wednesday, February 27th. Zacks Investment Research lowered shares of Echostar from a “buy” rating to a “hold” rating in a research report on Thursday, February 14th. Daiwa Capital Markets lowered shares of Echostar from an “outperform” rating to a “neutral” rating in a research report on Friday, May 17th. Finally, Raymond James decreased their target price on shares of Echostar from $67.00 to $62.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, May 21st. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $55.67.
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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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