Van ECK Associates Corp Has $22.47 Million Holdings in EchoStar Corporation $SATS

Van ECK Associates Corp decreased its stake in EchoStar Corporation (NASDAQ:SATS) by 28.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 294,298 shares of the communications equipment provider’s stock after selling 115,481 shares during the period. Van ECK Associates Corp’s holdings in EchoStar were worth $22,473,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. DLD Asset Management LP acquired a new position in EchoStar during the 3rd quarter valued at $2,481,700,000. Darsana Capital Partners LP grew its position in EchoStar by 15.5% in the 2nd 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 increased its holdings in shares of EchoStar by 11.5% during the 2nd quarter. Geode Capital Management LLC now owns 3,449,193 shares of the communications equipment provider’s stock worth $95,553,000 after purchasing an additional 355,009 shares during the period. Contrarius Group Holdings Ltd bought a new position in shares of EchoStar during the 3rd quarter worth about $98,819,000. Finally, Bank of New York Mellon Corp raised its position in shares of EchoStar by 32.8% during the second 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 buying an additional 313,314 shares during the last quarter. Institutional investors own 33.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SATS. Deutsche Bank Aktiengesellschaft lifted their target price on EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Zacks Research cut EchoStar from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Citigroup lifted their price objective on EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a report on Tuesday, February 3rd. TD Cowen restated a “buy” rating on shares of EchoStar in a research report on Wednesday, January 7th. Finally, Williams Trading set a $158.00 target price on EchoStar in a research note on Wednesday, January 7th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $134.17.

EchoStar Price Performance

SATS traded down $1.76 during midday trading on Friday, reaching $105.96. 654,616 shares of the company’s stock were exchanged, compared to its average volume of 5,481,461. The company has a quick ratio of 0.38, a current ratio of 0.42 and a debt-to-equity ratio of 3.21. The business has a 50-day simple moving average of $115.60 and a two-hundred day simple moving average of $91.19. The firm has a market capitalization of $30.50 billion, a price-to-earnings ratio of -2.11 and a beta of 1.01. EchoStar Corporation has a one year low of $14.90 and a one year high of $132.25.

Insider Activity at EchoStar

In other EchoStar news, CEO Hamid Akhavan sold 71,005 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the completion of the transaction, the chief executive officer directly owned 823,293 shares in the company, valued at $88,520,463.36. This represents a 7.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO John Swieringa sold 50,088 shares of EchoStar stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $113.58, for a total value of $5,688,995.04. Following the transaction, the chief operating officer directly owned 253,535 shares of the company’s stock, valued at approximately $28,796,505.30. The trade was a 16.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 55.90% of the stock is owned by company insiders.

About EchoStar

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.