Echostar (SATS) Stock Rating Lowered by Daiwa Capital Markets

Daiwa Capital Markets downgraded shares of Echostar (NASDAQ:SATS) from an outperform rating to a neutral rating in a report published on Friday, Briefing.com Automated Import reports.

Other analysts also recently issued research reports about the company. BidaskClub upgraded Echostar from a sell rating to a hold rating in a research note on Tuesday, April 9th. Citigroup decreased their price target on Echostar from $61.00 to $59.00 and set a buy rating for the company in a research note on Wednesday, February 27th. Finally, Zacks Investment Research downgraded Echostar from a buy rating to a hold rating in a research note on Friday, February 1st. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Echostar presently has a consensus rating of Hold and a consensus price target of $52.50.

Shares of SATS traded down $0.23 during trading hours on Friday, hitting $40.40. 255,841 shares of the company were exchanged, compared to its average volume of 249,938. The company has a market cap of $3.87 billion, a PE ratio of 106.32 and a beta of 0.96. Echostar has a 52 week low of $33.58 and a 52 week high of $51.20. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.68 and a current ratio of 2.73.

Echostar (NASDAQ:SATS) last released its quarterly earnings results on Wednesday, May 8th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. The company had revenue of $531.08 million during the quarter, compared to the consensus estimate of $529.55 million. Echostar had a positive return on equity of 0.87% and a negative net margin of 0.20%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.22) EPS. On average, research analysts predict that Echostar will post 0.41 earnings per share for the current year.

In related news, CEO Michael T. Dugan sold 50,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $37.23, for a total transaction of $1,861,500.00. Following the completion of the sale, the chief executive officer now owns 75,146 shares in the company, valued at approximately $2,797,685.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael T. Dugan sold 100,000 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $37.24, for a total value of $3,724,000.00. Following the sale, the chief executive officer now owns 75,146 shares of the company’s stock, valued at approximately $2,798,437.04. The disclosure for this sale can be found here. Corporate insiders own 51.60% of the company’s stock.

A number of large investors have recently made changes to their positions in SATS. Park West Asset Management LLC bought a new stake in Echostar during the 4th quarter valued at approximately $38,556,000. EdgePoint Investment Group Inc. boosted its stake in Echostar by 19.8% during the 1st quarter. EdgePoint Investment Group Inc. now owns 5,500,880 shares of the communications equipment provider’s stock valued at $200,507,000 after purchasing an additional 908,364 shares during the period. Vanguard Group Inc. boosted its stake in Echostar by 24.1% during the 3rd quarter. Vanguard Group Inc. now owns 4,213,613 shares of the communications equipment provider’s stock valued at $195,386,000 after purchasing an additional 817,044 shares during the period. Norges Bank bought a new stake in Echostar during the 4th quarter valued at approximately $20,726,000. Finally, Renaissance Technologies LLC boosted its stake in Echostar by 11.3% during the 1st quarter. Renaissance Technologies LLC now owns 3,281,080 shares of the communications equipment provider’s stock valued at $119,595,000 after purchasing an additional 332,864 shares during the period. Hedge funds and other institutional investors own 47.46% of the company’s stock.

About Echostar

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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