Bank of New York Mellon Corp Purchases 36,429 Shares of EchoStar Corporation $SATS

Bank of New York Mellon Corp lifted its position in shares of EchoStar Corporation (NASDAQ:SATS) by 3.8% during the fourth quarter, Holdings Channel reports. The firm owned 1,002,685 shares of the communications equipment provider’s stock after acquiring an additional 36,429 shares during the period. Bank of New York Mellon Corp’s holdings in EchoStar were worth $108,992,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bellwether Advisors LLC purchased a new stake in EchoStar in the fourth quarter worth $3,593,000. Junto Capital Management LP purchased a new position in EchoStar during the third quarter valued at $55,199,000. Seven Grand Managers LLC bought a new stake in shares of EchoStar during the 4th quarter valued at $21,740,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of EchoStar during the 4th quarter valued at $28,994,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of EchoStar in the 4th quarter worth about $20,459,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

EchoStar Stock Performance

Shares of SATS stock opened at $116.28 on Monday. The company has a market capitalization of $33.70 billion, a price-to-earnings ratio of -2.32 and a beta of 0.95. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. EchoStar Corporation has a one year low of $14.90 and a one year high of $147.25. The company’s 50-day moving average is $125.72 and its 200 day moving average is $113.09.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. During the same quarter in the previous year, the company earned ($0.71) EPS. Sell-side analysts expect that EchoStar Corporation will post -3.79 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. UBS Group lifted their price target on shares of EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Wall Street Zen raised shares of EchoStar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. TD Cowen lifted their target price on shares of EchoStar from $129.00 to $155.00 and gave the company a “buy” rating in a report on Monday, May 18th. Finally, Zacks Research cut EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, EchoStar has a consensus rating of “Hold” and a consensus price target of $137.14.

About EchoStar

EchoStar Corporation (NASDAQ: SATS) is a global provider of satellite communication solutions, offering a suite of broadband and video delivery services to consumer, enterprise and government customers. The company operates two principal business segments: Broadband and Video. Through its Broadband segment, EchoStar delivers high-speed satellite internet access, managed network services and ground infrastructure for residential, commercial and rural markets. Its Video segment provides satellite fleet operations, teleport facilities and capacity-leasing services to video distributors and content providers.

In the Broadband segment, EchoStar’s Hughes Network Systems division designs and manufactures satellite broadband equipment, including user terminals and gateways, and develops advanced network management technologies.