Rhumbline Advisers Decreases Holdings in EchoStar Corporation $SATS

Rhumbline Advisers trimmed its holdings in EchoStar Corporation (NASDAQ:SATS) by 1.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 434,649 shares of the communications equipment provider’s stock after selling 7,845 shares during the quarter. Rhumbline Advisers owned 0.15% of EchoStar worth $33,190,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SATS. Darsana Capital Partners LP lifted its stake in EchoStar by 15.5% in the second quarter. Darsana Capital Partners LP now owns 8,960,000 shares of the communications equipment provider’s stock worth $248,192,000 after purchasing an additional 1,201,672 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of EchoStar by 11.5% in the 2nd quarter. Geode Capital Management LLC now owns 3,449,193 shares of the communications equipment provider’s stock valued at $95,553,000 after acquiring an additional 355,009 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in EchoStar by 32.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,268,572 shares of the communications equipment provider’s stock valued at $35,139,000 after acquiring an additional 313,314 shares during the period. Invesco Ltd. grew its position in EchoStar by 30.1% during the 2nd quarter. Invesco Ltd. now owns 913,292 shares of the communications equipment provider’s stock worth $25,298,000 after acquiring an additional 211,421 shares during the last quarter. Finally, Hennessy Advisors Inc. bought a new position in EchoStar during the 3rd quarter worth approximately $42,464,000. Institutional investors own 33.62% of the company’s stock.

EchoStar Trading Up 2.4%

NASDAQ:SATS opened at $113.15 on Friday. The company has a 50-day moving average price of $112.95 and a 200-day moving average price of $80.58. The stock has a market cap of $32.57 billion, a price-to-earnings ratio of -2.52 and a beta of 1.01. The company has a current ratio of 0.61, a quick ratio of 0.56 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.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SATS shares. Zacks Research raised EchoStar from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. UBS Group reissued a “buy” rating on shares of EchoStar in a research report on Thursday, January 29th. Deutsche Bank Aktiengesellschaft raised their price target on shares of EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, December 19th. TD Cowen reaffirmed a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. Finally, Williams Trading set a $158.00 target price on EchoStar in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $133.83.

Insider Activity at EchoStar

In related news, COO John Swieringa sold 22,000 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $67.34, for a total value of $1,481,480.00. Following the sale, the chief operating officer directly owned 283,509 shares of the company’s stock, valued at $19,091,496.06. This represents a 7.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hamid Akhavan sold 285,832 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $105.33, for a total value of $30,106,684.56. Following the completion of the transaction, the chief executive officer owned 376,805 shares of the company’s stock, valued at approximately $39,688,870.65. This trade represents a 43.14% decrease in their position. The SEC filing for this sale provides additional information. 55.90% of the stock is currently owned by corporate insiders.

EchoStar Company 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.