NJ State Employees Deferred Compensation Plan decreased its holdings in shares of Echostar Co. (NASDAQ:SATS) by 25.0% during the second quarter, Holdings Channel.com reports. The fund owned 12,000 shares of the communications equipment provider’s stock after selling 4,000 shares during the period. NJ State Employees Deferred Compensation Plan’s holdings in Echostar were worth $532,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Boston Partners purchased a new stake in shares of Echostar during the first quarter worth about $2,822,000. California Public Employees Retirement System grew its stake in shares of Echostar by 3.5% during the first quarter. California Public Employees Retirement System now owns 115,158 shares of the communications equipment provider’s stock worth $4,198,000 after acquiring an additional 3,927 shares during the last quarter. Weiss Asset Management LP purchased a new stake in shares of Echostar during the first quarter worth about $1,731,000. Great West Life Assurance Co. Can grew its stake in shares of Echostar by 27.2% during the fourth quarter. Great West Life Assurance Co. Can now owns 6,333 shares of the communications equipment provider’s stock worth $224,000 after acquiring an additional 1,353 shares during the last quarter. Finally, Barings LLC purchased a new stake in shares of Echostar during the first quarter worth about $230,000. Institutional investors and hedge funds own 47.46% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Echostar from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Thursday, July 4th. BidaskClub lowered Echostar from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. Daiwa Capital Markets lowered Echostar from an “outperform” rating to a “neutral” rating in a research note on Friday, May 17th. Finally, Raymond James dropped their price target on Echostar from $67.00 to $62.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, May 21st. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Echostar has a consensus rating of “Buy” and a consensus price target of $57.00.
Shares of SATS stock traded down $0.90 during trading hours on Friday, reaching $44.01. 339,312 shares of the company’s stock were exchanged, compared to its average volume of 382,275. The firm has a fifty day moving average price of $44.70. The stock has a market cap of $4.30 billion, a PE ratio of 115.82 and a beta of 0.76. Echostar Co. has a 1 year low of $33.58 and a 1 year high of $49.93. 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 issued its earnings results on Wednesday, May 8th. The communications equipment provider reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.05. The firm had revenue of $531.08 million for the quarter, compared to analyst estimates of $529.55 million. Echostar had a positive return on equity of 0.87% and a negative net margin of 0.20%. Echostar’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.22) earnings per share. On average, equities analysts expect that Echostar Co. will post 0.96 earnings per share for the current fiscal year.
Echostar Company Profile
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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