Mackay Shields LLC trimmed its position in shares of Echostar Co. (NASDAQ:SATS) by 15.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,330 shares of the communications equipment provider’s stock after selling 20,880 shares during the period. Mackay Shields LLC’s holdings in Echostar were worth $4,569,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in SATS. Fox Run Management L.L.C. acquired a new position in Echostar during the second quarter worth $277,000. Robeco Institutional Asset Management B.V. acquired a new position in Echostar during the second quarter worth $461,000. Convergence Investment Partners LLC acquired a new position in Echostar during the second quarter worth $116,000. Strs Ohio acquired a new position in Echostar during the second quarter worth $419,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in Echostar during the second quarter worth $315,000. Institutional investors own 44.84% of the company’s stock.
Shares of NASDAQ SATS traded down $0.01 during mid-day trading on Friday, hitting $41.09. The company had a trading volume of 585,100 shares, compared to its average volume of 489,080. The business’s 50-day simple moving average is $38.49 and its 200 day simple moving average is $41.41. The company has a market capitalization of $3.89 billion, a PE ratio of 108.13 and a beta of 0.81. Echostar Co. has a 1-year low of $27.29 and a 1-year high of $43.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 6.10 and a quick ratio of 5.94.
Echostar (NASDAQ:SATS) last issued its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.20. The company had revenue of $472.26 million for the quarter, compared to analyst estimates of $470.15 million. Echostar had a positive return on equity of 0.46% and a negative net margin of 4.09%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.17 earnings per share. On average, analysts expect that Echostar Co. will post -0.47 EPS for the current year.
In other Echostar news, CEO Michael T. Dugan sold 100,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $39.07, for a total transaction of $3,907,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 52.00% of the company’s stock.
A number of research firms have commented on SATS. Raymond James restated a “strong-buy” rating and set a $61.00 price target (down from $68.00) on shares of Echostar in a research note on Wednesday, September 11th. Zacks Investment Research upgraded Echostar from a “strong sell” rating to a “hold” rating in a research note on Saturday. ValuEngine cut Echostar from a “buy” rating to a “hold” rating in a research note on Monday, November 4th. Citigroup cut Echostar from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $48.00 to $44.00 in a research note on Friday, October 4th. Finally, BidaskClub upgraded Echostar from a “hold” rating to a “buy” rating in a research note on Thursday, October 24th. Four investment 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 company. Echostar currently has an average rating of “Buy” and a consensus price target of $49.67.
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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