EchoStar Corporation $SATS Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in EchoStar Corporation (NASDAQ:SATS) by 19.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 812,268 shares of the communications equipment provider’s stock after selling 190,417 shares during the period. Bank of New York Mellon Corp owned about 0.28% of EchoStar worth $95,092,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of SATS. Sachem Head Capital Management LP purchased a new position in EchoStar during the fourth quarter worth approximately $568,218,000. Norges Bank acquired a new position in shares of EchoStar during the 4th quarter worth approximately $182,111,000. 140 Summer Partners LP acquired a new position in shares of EchoStar during the 4th quarter worth approximately $99,678,000. Atreides Management LP purchased a new position in shares of EchoStar during the 4th quarter valued at approximately $97,948,000. Finally, Contrarius Group Holdings Ltd lifted its position in shares of EchoStar by 68.6% during the 4th quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the communications equipment provider’s stock valued at $237,154,000 after buying an additional 887,611 shares in the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.

Analyst Upgrades and Downgrades

SATS has been the subject of several recent analyst reports. New Street Research set a $165.00 price target on shares of EchoStar in a report on Monday, June 15th. Wall Street Zen raised shares of EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. TD Cowen lifted their target price on shares of EchoStar from $129.00 to $155.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of EchoStar in a research note on Monday, April 20th. Finally, Williams Trading set a $155.00 target price on shares of EchoStar in a research note on Monday, May 18th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $137.71.

Insider Transactions at EchoStar

In other news, CEO Hamid Akhavan sold 52,586 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the completion of the sale, the chief executive officer owned 865,633 shares of the company’s stock, valued at $104,741,593. This represents a 5.73% decrease in their ownership of the stock. 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 currently owned by company insiders.

EchoStar Stock Performance

NASDAQ SATS opened at $103.80 on Tuesday. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. The stock’s 50 day simple moving average is $115.75 and its 200-day simple moving average is $117.09. The company has a market cap of $30.08 billion, a PE ratio of -2.07 and a beta of 0.94. EchoStar Corporation has a 1-year low of $24.15 and a 1-year high of $147.25.

EchoStar (NASDAQ:SATS) last issued its quarterly earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.03). EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the firm posted ($0.71) earnings per share.

EchoStar Profile

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.