Renaissance Technologies LLC cut its holdings in shares of Echostar Co. (NASDAQ:SATS) by 4.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,053,680 shares of the communications equipment provider’s stock after selling 127,100 shares during the quarter. Renaissance Technologies LLC owned about 3.18% of Echostar worth $141,599,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NJ State Employees Deferred Compensation Plan grew its holdings in shares of Echostar by 40.0% during the 3rd quarter. NJ State Employees Deferred Compensation Plan now owns 14,000 shares of the communications equipment provider’s stock worth $649,000 after purchasing an additional 4,000 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Echostar during the 2nd quarter worth $2,318,000. BlueMountain Capital Management LLC grew its holdings in shares of Echostar by 40.7% during the 2nd quarter. BlueMountain Capital Management LLC now owns 15,291 shares of the communications equipment provider’s stock worth $679,000 after purchasing an additional 4,425 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of Echostar by 11.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 302,527 shares of the communications equipment provider’s stock worth $13,433,000 after purchasing an additional 30,218 shares during the period. Finally, United Services Automobile Association grew its holdings in shares of Echostar by 13.3% during the 2nd quarter. United Services Automobile Association now owns 9,906 shares of the communications equipment provider’s stock worth $403,000 after purchasing an additional 1,163 shares during the period. Institutional investors and hedge funds own 47.44% of the company’s stock.
Separately, BidaskClub upgraded Echostar from a “strong sell” rating to a “sell” rating in a report on Thursday, August 16th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Echostar presently has an average rating of “Hold” and an average price target of $63.50.
Shares of Echostar stock opened at $39.89 on Friday. Echostar Co. has a 12 month low of $34.74 and a 12 month high of $62.29. The stock has a market cap of $3.89 billion, a P/E ratio of 47.49 and a beta of 0.87. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.70 and a quick ratio of 2.65.
Echostar (NASDAQ:SATS) last announced its earnings results on Thursday, November 8th. The communications equipment provider reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Echostar had a return on equity of 1.10% and a net margin of 18.63%. The company had revenue of $533.00 million during the quarter, compared to analysts’ expectations of $554.60 million. During the same period last year, the business posted $0.36 EPS. Echostar’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, equities analysts expect that Echostar Co. will post 0.51 EPS for the current fiscal year.
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EchoStar Corporation provides satellite service operations and video delivery solutions 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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