CIBC Asset Management Inc Invests $325,000 in EchoStar Corporation $SATS

CIBC Asset Management Inc purchased a new stake in EchoStar Corporation (NASDAQ:SATS) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,260 shares of the communications equipment provider’s stock, valued at approximately $325,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SATS. Deseret Mutual Benefit Administrators bought a new position in shares of EchoStar in the third quarter valued at approximately $28,000. Farther Finance Advisors LLC lifted its stake in EchoStar by 593.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider’s stock valued at $70,000 after acquiring an additional 789 shares in the last quarter. Lazard Asset Management LLC purchased a new position in EchoStar during the 2nd quarter worth $73,000. Strs Ohio purchased a new position in EchoStar during the 1st quarter worth $128,000. Finally, AlphaQuest LLC bought a new stake in shares of EchoStar in the 2nd quarter worth $130,000. 33.62% of the stock is owned by institutional investors.

Insider Buying and Selling at EchoStar

In other EchoStar news, CEO Hamid Akhavan sold 285,832 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $105.33, for a total transaction of $30,106,684.56. Following the sale, the chief executive officer directly owned 376,805 shares of the company’s stock, valued at $39,688,870.65. This represents a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO John Swieringa sold 22,000 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $67.34, for a total transaction of $1,481,480.00. Following the transaction, the chief operating officer owned 283,509 shares of the company’s stock, valued at $19,091,496.06. This represents a 7.20% decrease in their position. The SEC filing for this sale provides additional information. 55.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SATS has been the topic of several analyst reports. UBS Group boosted their price target on shares of EchoStar from $28.00 to $125.00 and gave the stock a “neutral” rating in a report on Tuesday, December 23rd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Williams Trading set a $158.00 target price on EchoStar in a research note on Wednesday, January 7th. Zacks Research lowered EchoStar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Finally, TD Cowen reiterated a “buy” rating on shares of EchoStar in a report on Wednesday, January 7th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $132.17.

EchoStar Trading Up 2.2%

Shares of SATS stock opened at $128.57 on Thursday. The company has a 50 day moving average of $103.31 and a 200-day moving average of $73.58. The company has a quick ratio of 0.56, a current ratio of 0.61 and a debt-to-equity ratio of 3.11. EchoStar Corporation has a 12-month low of $14.90 and a 12-month high of $132.25. The firm has a market cap of $37.01 billion, a P/E ratio of -2.86 and a beta of 1.02.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings data on Thursday, November 6th. The communications equipment provider reported ($44.37) EPS for the quarter, missing the consensus estimate of ($1.23) by ($43.14). EchoStar had a negative net margin of 85.36% and a positive return on equity of 0.39%. The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the previous year, the company posted ($0.52) EPS. EchoStar’s revenue for the quarter was down 7.1% on a year-over-year basis. Sell-side analysts anticipate that EchoStar Corporation will post -1.99 earnings per share for the current year.

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.