Mackay Shields LLC Trims Stake in Echostar Co. (NASDAQ:SATS)

Mackay Shields LLC reduced its position in shares of Echostar Co. (NASDAQ:SATS) by 15.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 115,330 shares of the communications equipment provider’s stock after selling 20,880 shares during the quarter. Mackay Shields LLC owned about 0.12% of Echostar worth $4,569,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new position in Echostar during the 2nd quarter worth $92,000. Ashburton Jersey Ltd purchased a new position in shares of Echostar in the 2nd quarter valued at $107,000. Convergence Investment Partners LLC purchased a new position in shares of Echostar in the 2nd quarter valued at $116,000. Cutler Group LP increased its holdings in shares of Echostar by 89.5% in the 3rd quarter. Cutler Group LP now owns 3,076 shares of the communications equipment provider’s stock valued at $121,000 after acquiring an additional 1,453 shares during the period. Finally, Silvercrest Asset Management Group LLC purchased a new position in shares of Echostar in the 2nd quarter valued at $203,000. Institutional investors own 44.84% of the company’s stock.

A number of brokerages have recently issued reports on SATS. Zacks Investment Research upgraded Echostar from a “strong sell” rating to a “hold” rating in a report on Saturday. ValuEngine downgraded Echostar from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Citigroup downgraded Echostar from a “buy” rating to a “neutral” rating and cut their price target for the company from $48.00 to $44.00 in a report on Friday, October 4th. Raymond James reiterated a “strong-buy” rating and issued a $61.00 price target (down from $68.00) on shares of Echostar in a report on Wednesday, September 11th. Finally, BidaskClub upgraded Echostar from a “hold” rating to a “buy” rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Echostar has a consensus rating of “Buy” and a consensus price target of $49.67.

In related news, CEO Michael T. Dugan sold 100,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $39.07, for a total value of $3,907,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 52.00% of the company’s stock.

SATS stock traded down $0.01 on Friday, hitting $41.09. 585,100 shares of the company’s stock were exchanged, compared to its average volume of 489,080. The stock has a market cap of $3.89 billion, a P/E ratio of 108.13 and a beta of 0.81. Echostar Co. has a 12-month low of $27.29 and a 12-month high of $43.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 5.94 and a current ratio of 6.10. The firm has a 50 day moving average price of $38.49 and a two-hundred day moving average price of $41.41.

Echostar (NASDAQ:SATS) last released its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.20. The company had revenue of $472.26 million during the quarter, compared to analysts’ expectations of $470.15 million. Echostar had a positive return on equity of 0.46% and a negative net margin of 4.09%. Echostar’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.17 EPS. Sell-side analysts expect that Echostar Co. will post -0.47 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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Institutional Ownership by Quarter for Echostar (NASDAQ:SATS)

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