The Manufacturers Life Insurance Company decreased its holdings in Echostar CORP (NASDAQ:ECHO – Free Report) by 20.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 109,056 shares of the company’s stock after selling 28,538 shares during the period. The Manufacturers Life Insurance Company’s holdings in Echostar were worth $12,767,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in ECHO. Hollencrest Capital Management purchased a new stake in Echostar during the fourth quarter valued at about $26,000. CoreCap Advisors LLC purchased a new stake in Echostar during the 4th quarter valued at about $28,000. Tucker Asset Management LLC purchased a new position in Echostar in the 4th quarter worth approximately $42,000. BOKF NA lifted its position in Echostar by 300.0% in the fourth quarter. BOKF NA now owns 400 shares of the company’s stock valued at $43,000 after purchasing an additional 300 shares during the last quarter. Finally, Whittier Trust Co. bought a new stake in Echostar in the first quarter valued at approximately $51,000. Institutional investors own 33.62% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the stock. New Street Research set a $165.00 target price on shares of Echostar in a research note on Monday, June 15th. Williams Trading set a $155.00 price target on Echostar in a report on Monday, May 18th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $137.00 price objective on shares of Echostar in a report on Wednesday, July 15th. Citigroup began coverage on Echostar in a research note on Tuesday, July 7th. They set a “buy” rating and a $126.00 target price on the stock. Finally, Raymond James Financial upgraded Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 target price for the company in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $136.25.
Echostar Stock Performance
ECHO stock opened at $84.09 on Monday. Echostar CORP has a fifty-two week low of $26.04 and a fifty-two week high of $147.25. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. The company has a market cap of $24.37 billion, a price-to-earnings ratio of -1.68 and a beta of 1.03.
Echostar (NASDAQ:ECHO – Get Free Report) last released its earnings results on Saturday, May 9th. The company reported ($0.51) EPS for the quarter. 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. Equities research analysts anticipate that Echostar CORP will post -1.75 earnings per share for the current fiscal year.
Insider Transactions at Echostar
In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the completion of the transaction, the chief executive officer owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. This trade represents 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 55.70% of the company’s stock.
About Echostar
EchoStar Corporation is a communications company that provides satellite and wireless services, video distribution, and broadband connectivity solutions. Its business has historically been centered on satellite technology and related services, serving customers through a range of connectivity and network offerings.
The company operates through several segments that support pay-TV, enterprise, government, and consumer communications needs. Its services and technologies have included satellite television distribution, broadband satellite access, network infrastructure, and wireless communications capabilities.
EchoStar was founded in 1980 and has long been associated with satellite communications in the United States.
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