BlackRock Inc. increased its stake in Echostar Co. (NASDAQ:SATS) by 1.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,211,740 shares of the communications equipment provider’s stock after purchasing an additional 29,855 shares during the quarter. BlackRock Inc. owned 2.30% of Echostar worth $81,215,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. CenturyLink Investment Management Co raised its stake in shares of Echostar by 6.4% during the fourth quarter. CenturyLink Investment Management Co now owns 28,158 shares of the communications equipment provider’s stock valued at $1,034,000 after purchasing an additional 1,689 shares during the period. Vanguard Group Inc boosted its holdings in Echostar by 24.1% in the third quarter. Vanguard Group Inc now owns 4,213,613 shares of the communications equipment provider’s stock worth $195,386,000 after purchasing an additional 817,044 shares during the period. Jane Street Group LLC boosted its holdings in Echostar by 105.9% in the third quarter. Jane Street Group LLC now owns 15,590 shares of the communications equipment provider’s stock worth $723,000 after purchasing an additional 8,020 shares during the period. Quantamental Technologies LLC acquired a new position in Echostar in the fourth quarter worth $136,000. Finally, FMR LLC boosted its holdings in Echostar by 7.4% in the third quarter. FMR LLC now owns 47,473 shares of the communications equipment provider’s stock worth $2,201,000 after purchasing an additional 3,253 shares during the period. Institutional investors and hedge funds own 47.31% of the company’s stock.
NASDAQ SATS traded down $0.27 on Monday, hitting $39.31. 385,000 shares of the company were exchanged, compared to its average volume of 379,050. The company has a market cap of $3.74 billion, a PE ratio of 103.16 and a beta of 0.93. Echostar Co. has a twelve month low of $33.58 and a twelve month high of $56.29. The company has a current ratio of 2.66, a quick ratio of 2.61 and a debt-to-equity ratio of 0.62.
In other news, CEO Michael T. Dugan sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $37.24, for a total transaction of $3,724,000.00. Following the completion of the transaction, the chief executive officer now directly owns 75,146 shares in the company, valued at $2,798,437.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael T. Dugan sold 50,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $37.23, for a total value of $1,861,500.00. Following the completion of the transaction, the chief executive officer now owns 75,146 shares of the company’s stock, valued at $2,797,685.58. The disclosure for this sale can be found here. Insiders own 51.60% of the company’s stock.
A number of research firms have commented on SATS. BidaskClub raised shares of Echostar from a “sell” rating to a “hold” rating in a report on Tuesday, April 9th. Zacks Investment Research raised shares of Echostar from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Saturday, February 2nd. Finally, Citigroup reduced their price objective on shares of Echostar from $61.00 to $59.00 and set a “buy” rating for the company in a report on Wednesday, February 27th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $52.50.
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EchoStar Corporation, together with its subsidiaries, provides broadband satellite technologies and broadband Internet services for home and small office customers, satellite operations, and satellite services worldwide. It operates in two segments, Hughes and EchoStar Satellite Services. The Hughes segments offers broadband satellite technologies and Internet services for home and small office customers; and broadband network technologies, managed services, equipment, hardware, satellite services, and communication solutions for aeronautical, enterprise, and government customers, as well as consumers.
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