Goldentree Asset Management LP Decreases Holdings in EchoStar Co. (NASDAQ:SATS)

Goldentree Asset Management LP trimmed its position in shares of EchoStar Co. (NASDAQ:SATS) by 74.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 216,957 shares of the communications equipment provider’s stock after selling 648,093 shares during the quarter. Goldentree Asset Management LP owned 0.08% of EchoStar worth $5,380,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of SATS. Vanguard Group Inc. raised its position in EchoStar by 238.7% in the first quarter. Vanguard Group Inc. now owns 13,707,909 shares of the communications equipment provider’s stock worth $195,338,000 after acquiring an additional 9,661,167 shares during the period. Darsana Capital Partners LP purchased a new stake in shares of EchoStar in the 2nd quarter worth $36,908,000. American Century Companies Inc. raised its holdings in EchoStar by 51.5% in the 2nd quarter. American Century Companies Inc. now owns 2,243,761 shares of the communications equipment provider’s stock worth $39,961,000 after purchasing an additional 762,462 shares during the period. Monarch Alternative Capital LP lifted its position in EchoStar by 23.6% during the second quarter. Monarch Alternative Capital LP now owns 1,854,000 shares of the communications equipment provider’s stock valued at $33,020,000 after purchasing an additional 354,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in EchoStar by 2,084.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 108,611 shares of the communications equipment provider’s stock valued at $1,547,000 after purchasing an additional 103,640 shares during the period. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on SATS shares. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $12.00 price target on shares of EchoStar in a report on Monday, August 12th. Morgan Stanley upped their target price on shares of EchoStar from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday, September 13th. UBS Group raised their price target on EchoStar from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. TD Cowen lowered their price objective on EchoStar from $37.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, StockNews.com upgraded EchoStar to a “sell” rating in a research report on Saturday, November 9th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.25.

EchoStar Stock Up 0.6 %

Shares of NASDAQ SATS opened at $25.03 on Friday. EchoStar Co. has a 52-week low of $10.18 and a 52-week high of $30.08. The firm has a market capitalization of $6.80 billion, a price-to-earnings ratio of -2.73 and a beta of 0.70. The stock has a 50 day moving average price of $24.82 and a 200 day moving average price of $21.07. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.61 and a current ratio of 0.67.

Insider Activity at EchoStar

In other news, Chairman Charles W. Ergen bought 1,551,355 shares of EchoStar stock in a transaction on Tuesday, November 12th. The stock was acquired at an average cost of $28.04 per share, for a total transaction of $43,499,994.20. Following the completion of the acquisition, the chairman now owns 1,551,355 shares of the company’s stock, valued at $43,499,994.20. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 55.90% of the stock is currently owned by corporate insiders.

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.