6,700 Shares in Echostar CORP $ECHO Purchased by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board bought a new stake in Echostar CORP (NASDAQ:ECHO) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 6,700 shares of the company’s stock, valued at approximately $680,000.

Several other institutional investors have also recently bought and sold shares of ECHO. Sachem Head Capital Management LP bought a new position in shares of Echostar during the 4th quarter worth approximately $568,218,000. Geode Capital Management LLC lifted its position in shares of Echostar by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,524,576 shares of the company’s stock worth $382,595,000 after purchasing an additional 48,671 shares in the last quarter. Contrarius Group Holdings Ltd boosted its holdings in Echostar by 68.6% during the fourth quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the company’s stock worth $237,154,000 after purchasing an additional 887,611 shares during the last quarter. Northern Trust Corp grew its position in Echostar by 1.3% in the fourth quarter. Northern Trust Corp now owns 1,767,338 shares of the company’s stock valued at $192,110,000 after purchasing an additional 22,900 shares in the last quarter. Finally, Norges Bank bought a new position in Echostar in the fourth quarter valued at $182,111,000. Institutional investors own 33.62% of the company’s stock.

Insider Activity at Echostar

In other news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the transaction, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William David Wade sold 2,425 shares of Echostar stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $91.48, for a total transaction of $221,839.00. Following the sale, the director directly owned 324 shares of the company’s stock, valued at $29,639.52. The trade was a 88.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 66,094 shares of company stock worth $7,587,592. Company insiders own 55.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ECHO shares. Citigroup cut their price target on shares of Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, August 4th. New Street Research set a $165.00 target price on Echostar in a report on Monday, June 15th. TD Cowen reduced their price target on Echostar from $155.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. Williams Trading set a $155.00 price target on Echostar in a research report on Monday, May 18th. Finally, Raymond James Financial upgraded Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective on the stock in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Echostar currently has an average rating of “Moderate Buy” and a consensus price target of $132.00.

Echostar Stock Performance

Echostar stock opened at $86.04 on Wednesday. The stock’s 50-day simple moving average is $89.81. The company has a market capitalization of $24.99 billion, a PE ratio of -3.45 and a beta of 1.00. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. Echostar CORP has a 52 week low of $60.35 and a 52 week high of $147.25.

Echostar (NASDAQ:ECHO) last released its quarterly earnings data on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. The business had revenue of $3.67 billion during the quarter. Research analysts forecast that Echostar CORP will post -1.35 earnings per share for the current year.

About Echostar

EchoStar Corporation is a communications company that provides satellite and wireless services, video distribution, and broadband connectivity solutions. Its business has historically been centered on satellite technology and related services, serving customers through a range of connectivity and network offerings.

The company operates through several segments that support pay-TV, enterprise, government, and consumer communications needs. Its services and technologies have included satellite television distribution, broadband satellite access, network infrastructure, and wireless communications capabilities.

EchoStar was founded in 1980 and has long been associated with satellite communications in the United States.