EchoStar Corporation $SATS Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in EchoStar Corporation (NASDAQ:SATS) by 19.0% in the first quarter, Holdings Channel.com reports. The firm owned 812,268 shares of the communications equipment provider’s stock after selling 190,417 shares during the quarter. Bank of New York Mellon Corp’s holdings in EchoStar were worth $95,092,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Sachem Head Capital Management LP purchased a new position in EchoStar during the fourth quarter worth approximately $568,218,000. Norges Bank acquired a new position in EchoStar during the fourth quarter worth $182,111,000. 140 Summer Partners LP purchased a new stake in EchoStar in the 4th quarter valued at $99,678,000. Atreides Management LP purchased a new stake in EchoStar in the 4th quarter valued at $97,948,000. Finally, Contrarius Group Holdings Ltd increased its stake in shares of EchoStar by 68.6% in the 4th quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the communications equipment provider’s stock worth $237,154,000 after acquiring an additional 887,611 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.

Insider Buying and Selling at EchoStar

In other news, CEO Hamid Akhavan sold 52,586 shares of EchoStar stock in a transaction on Friday, June 5th. The stock was sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the sale, the chief executive officer directly owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. The trade was a 5.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.90% of the company’s stock.

Wall Street Analysts Forecast Growth

SATS has been the topic of several analyst reports. Wall Street Zen upgraded EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Williams Trading set a $155.00 price objective on shares of EchoStar in a report on Monday, May 18th. TD Cowen raised their price objective on shares of EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a research note on Monday, April 20th. Finally, New Street Research set a $165.00 target price on shares of EchoStar in a report on Monday, June 15th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, EchoStar has a consensus rating of “Hold” and an average price target of $137.71.

EchoStar Stock Performance

NASDAQ:SATS opened at $103.80 on Tuesday. EchoStar Corporation has a fifty-two week low of $24.15 and a fifty-two week high of $147.25. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. The company has a 50 day moving average price of $115.75 and a 200 day moving average price of $117.09. The stock has a market capitalization of $30.08 billion, a P/E ratio of -2.07 and a beta of 0.94.

EchoStar (NASDAQ:SATS) last announced its earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same period in the previous year, the firm earned ($0.71) EPS.

EchoStar Company Profile

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.