Bank of New York Mellon Corp Decreases Stock Position in EchoStar Corporation (NASDAQ:SATS)

Bank of New York Mellon Corp cut its stake in shares of EchoStar Corporation (NASDAQ:SATS) by 6.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 955,258 shares of the communications equipment provider’s stock after selling 64,551 shares during the period. Bank of New York Mellon Corp owned about 0.33% of EchoStar worth $24,435,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Farther Finance Advisors LLC boosted its holdings in shares of EchoStar by 8,125.0% during the 1st quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 975 shares during the last quarter. State of Wyoming bought a new position in shares of EchoStar during the fourth quarter valued at approximately $47,000. Fifth Third Bancorp boosted its stake in EchoStar by 44.5% in the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider’s stock valued at $47,000 after acquiring an additional 567 shares in the last quarter. GAMMA Investing LLC boosted its stake in EchoStar by 39.6% in the first quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider’s stock valued at $88,000 after acquiring an additional 976 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of EchoStar by 8,906.7% in the fourth quarter. Quarry LP now owns 4,053 shares of the communications equipment provider’s stock worth $93,000 after buying an additional 4,008 shares during the last quarter. Institutional investors own 33.62% of the company’s stock.

EchoStar Trading Down 0.6%

NASDAQ SATS opened at $28.93 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.26 and a quick ratio of 1.19. The firm’s fifty day moving average price is $23.71 and its 200 day moving average price is $25.00. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of -38.57 and a beta of 0.90. EchoStar Corporation has a 12 month low of $14.79 and a 12 month high of $33.04.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings results on Friday, May 9th. The communications equipment provider reported ($0.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.19. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.87 billion. EchoStar had a negative net margin of 1.37% and a negative return on equity of 1.08%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.40) EPS. On average, sell-side analysts expect that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Citigroup raised their target price on shares of EchoStar from $27.00 to $28.50 and gave the stock a “neutral” rating in a report on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $24.70.

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.