Swedbank AB grew its position in shares of EchoStar Corporation (NASDAQ:SATS – Free Report) by 311.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 37,615 shares of the communications equipment provider’s stock after buying an additional 28,479 shares during the quarter. Swedbank AB’s holdings in EchoStar were worth $4,404,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Diversified Trust Co boosted its position in shares of EchoStar by 0.4% in the 1st quarter. Diversified Trust Co now owns 22,845 shares of the communications equipment provider’s stock valued at $2,674,000 after purchasing an additional 84 shares during the period. HB Wealth Management LLC lifted its stake in EchoStar by 2.0% in the fourth quarter. HB Wealth Management LLC now owns 4,933 shares of the communications equipment provider’s stock valued at $536,000 after buying an additional 98 shares during the last quarter. Strs Ohio boosted its holdings in shares of EchoStar by 0.5% in the first quarter. Strs Ohio now owns 19,100 shares of the communications equipment provider’s stock valued at $2,236,000 after acquiring an additional 100 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of EchoStar by 2.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the communications equipment provider’s stock valued at $611,000 after acquiring an additional 114 shares during the period. Finally, Fifth Third Bancorp grew its position in shares of EchoStar by 8.1% during the fourth quarter. Fifth Third Bancorp now owns 1,800 shares of the communications equipment provider’s stock worth $196,000 after acquiring an additional 135 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.
Insider Activity at EchoStar
In other news, CEO Hamid Akhavan sold 52,586 shares of the firm’s stock in a transaction that occurred 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 $104,741,593. This trade represents a 5.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.90% of the stock is owned by corporate insiders.
EchoStar Stock Performance
EchoStar (NASDAQ:SATS – Get Free Report) last announced its quarterly earnings data 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). 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 analyst estimates of $3.65 billion. During the same quarter in the previous year, the business earned ($0.71) EPS.
Analyst Upgrades and Downgrades
SATS has been the topic of a number of recent research reports. Williams Trading set a $155.00 target price on shares of EchoStar in a report on Monday, May 18th. New Street Research set a $165.00 price objective on shares of EchoStar in a research report on Monday, June 15th. Weiss Ratings restated a “sell (d-)” rating on shares of EchoStar in a research note on Monday, April 20th. TD Cowen upped 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, Wall Street Zen upgraded shares of EchoStar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $137.71.
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.
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