Robeco Institutional Asset Management B.V. bought a new position in Echostar Co. (NASDAQ:SATS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,408 shares of the communications equipment provider’s stock, valued at approximately $461,000.
Other hedge funds have also recently added to or reduced their stakes in the company. First Trust Advisors LP grew its stake in shares of Echostar by 4.9% during the 1st quarter. First Trust Advisors LP now owns 964,768 shares of the communications equipment provider’s stock valued at $35,166,000 after buying an additional 45,077 shares during the period. Gabelli Funds LLC lifted its holdings in shares of Echostar by 3.8% during the 1st quarter. Gabelli Funds LLC now owns 777,533 shares of the communications equipment provider’s stock valued at $28,341,000 after acquiring an additional 28,500 shares in the last quarter. Norges Bank acquired a new position in shares of Echostar during the 4th quarter valued at $20,726,000. Geode Capital Management LLC lifted its holdings in shares of Echostar by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 502,026 shares of the communications equipment provider’s stock valued at $18,434,000 after acquiring an additional 14,085 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Echostar by 28.1% during the 4th quarter. Bank of America Corp DE now owns 204,773 shares of the communications equipment provider’s stock valued at $7,519,000 after acquiring an additional 44,889 shares in the last quarter. 47.49% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on the stock. BidaskClub lowered shares of Echostar from a “buy” rating to a “hold” rating in a report on Saturday, July 27th. Raymond James cut their price objective on shares of Echostar from $67.00 to $62.00 and set a “strong-buy” rating on the stock in a report on Tuesday, May 21st. Daiwa Capital Markets lowered shares of Echostar from an “outperform” rating to a “neutral” rating in a report on Friday, May 17th. Finally, Zacks Investment Research upgraded shares of Echostar from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Thursday, July 4th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $57.00.
Echostar (NASDAQ:SATS) last issued its earnings results on Thursday, August 8th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.17). The company had revenue of $537.12 million during the quarter, compared to analyst estimates of $538.80 million. Echostar had a negative net margin of 0.20% and a positive return on equity of 0.87%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.80 EPS. On average, equities analysts forecast that Echostar Co. will post 0.96 EPS for the current fiscal year.
In other Echostar news, CEO Michael T. Dugan sold 50,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 75,146 shares in the company, valued at approximately $3,223,011.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 51.60% of the stock is currently owned by corporate insiders.
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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