EchoStar Corporation $SATS Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas decreased its stake in shares of EchoStar Corporation (NASDAQ:SATS) by 13.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,642 shares of the communications equipment provider’s stock after selling 4,569 shares during the quarter. Teacher Retirement System of Texas’ holdings in EchoStar were worth $793,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC grew its position in shares of EchoStar by 16.6% during the second quarter. Nisa Investment Advisors LLC now owns 5,235 shares of the communications equipment provider’s stock worth $145,000 after buying an additional 746 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in EchoStar by 6.4% in the second quarter. State of Alaska Department of Revenue now owns 15,055 shares of the communications equipment provider’s stock valued at $417,000 after acquiring an additional 910 shares in the last quarter. Securian Asset Management Inc. lifted its stake in EchoStar by 11.4% in the second quarter. Securian Asset Management Inc. now owns 10,219 shares of the communications equipment provider’s stock worth $283,000 after acquiring an additional 1,043 shares during the last quarter. AQR Capital Management LLC grew its holdings in EchoStar by 6.0% during the 1st quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider’s stock worth $672,000 after acquiring an additional 1,511 shares in the last quarter. Finally, New York State Teachers Retirement System increased its position in shares of EchoStar by 2.0% in the 2nd quarter. New York State Teachers Retirement System now owns 106,477 shares of the communications equipment provider’s stock valued at $2,949,000 after purchasing an additional 2,100 shares during the last quarter. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. TD Cowen raised their price objective on shares of EchoStar from $28.00 to $67.00 and gave the company a “buy” rating in a report on Wednesday, August 27th. Morgan Stanley raised their price target on EchoStar from $59.00 to $91.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a report on Wednesday, October 8th. Citigroup raised EchoStar from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 9th. Finally, Deutsche Bank Aktiengesellschaft set a $105.00 price objective on EchoStar in a report on Tuesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.20.

Insider Transactions at EchoStar

In related news, CEO Hamid Akhavan sold 233,918 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $75.35, for a total transaction of $17,625,721.30. Following the transaction, the chief executive officer owned 376,805 shares in the company, valued at $28,392,256.75. This trade represents a 38.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO John Swieringa sold 154,835 shares of EchoStar stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $81.20, for a total value of $12,572,602.00. Following the transaction, the chief operating officer directly owned 432 shares in the company, valued at approximately $35,078.40. This trade represents a 99.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 460,740 shares of company stock valued at $35,967,480 in the last 90 days. Company insiders own 55.70% of the company’s stock.

EchoStar Price Performance

Shares of NASDAQ:SATS opened at $73.48 on Friday. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $85.37. The firm has a market capitalization of $21.14 billion, a P/E ratio of -69.98 and a beta of 0.94. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.22 and a quick ratio of 1.15. The company’s fifty day moving average price is $73.65 and its 200 day moving average price is $42.82.

EchoStar (NASDAQ:SATS) last issued its quarterly earnings data on Thursday, November 6th. The communications equipment provider reported ($44.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.23) by ($43.14). EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.75 billion. During the same period in the previous year, the business posted ($0.52) EPS. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. As a group, sell-side analysts predict that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

EchoStar Company Profile

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.