New York State Teachers Retirement System Acquires 2,100 Shares of EchoStar Corporation $SATS

New York State Teachers Retirement System raised its position in EchoStar Corporation (NASDAQ:SATS) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 106,477 shares of the communications equipment provider’s stock after purchasing an additional 2,100 shares during the period. New York State Teachers Retirement System’s holdings in EchoStar were worth $2,949,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. State of Alaska Department of Revenue increased its stake in EchoStar by 6.4% in the second quarter. State of Alaska Department of Revenue now owns 15,055 shares of the communications equipment provider’s stock valued at $417,000 after purchasing an additional 910 shares in the last quarter. Farther Finance Advisors LLC increased its stake in EchoStar by 8,125.0% in the first quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 975 shares in the last quarter. GAMMA Investing LLC increased its stake in EchoStar by 39.6% in the first quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider’s stock valued at $88,000 after purchasing an additional 976 shares in the last quarter. AQR Capital Management LLC increased its stake in EchoStar by 6.0% in the first quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider’s stock valued at $672,000 after purchasing an additional 1,511 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in EchoStar by 19.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,728 shares of the communications equipment provider’s stock valued at $408,000 after purchasing an additional 2,389 shares in the last quarter. Institutional investors own 33.62% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Citigroup raised shares of EchoStar from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 9th. Zacks Research upgraded shares of EchoStar from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. TD Cowen upped their price target on shares of EchoStar from $28.00 to $67.00 and gave the company a “buy” rating in a report on Wednesday, August 27th. Morgan Stanley upped their price target on shares of EchoStar from $59.00 to $91.00 and gave the company an “equal weight” rating in a report on Tuesday, September 9th. Finally, Deutsche Bank Aktiengesellschaft set a $105.00 price target on shares of EchoStar in a report on Tuesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.20.

EchoStar Stock Performance

Shares of SATS stock opened at $73.77 on Wednesday. The stock has a market cap of $21.23 billion, a P/E ratio of -70.26 and a beta of 0.96. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.22 and a quick ratio of 1.15. The company has a fifty day moving average price of $64.20 and a two-hundred day moving average price of $38.18. EchoStar Corporation has a one year low of $14.90 and a one year high of $85.37.

EchoStar (NASDAQ:SATS) last announced its quarterly earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) EPS for the quarter, beating analysts’ consensus estimates of ($1.12) by $0.06. The firm had revenue of $3.72 billion during the quarter, compared to analysts’ expectations of $3.80 billion. EchoStar had a negative net margin of 2.04% and a negative return on equity of 1.58%. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.76) earnings per share. As a group, equities analysts predict that EchoStar Corporation will post -1.99 EPS for the current year.

Insider Activity at EchoStar

In related news, CEO Hamid Akhavan sold 233,918 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $75.35, for a total value of $17,625,721.30. Following the sale, the chief executive officer owned 376,805 shares of the company’s stock, valued at $28,392,256.75. The trade was a 38.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kathleen Q. Abernathy sold 16,754 shares of the company’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $82.35, for a total value of $1,379,691.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 460,740 shares of company stock worth $35,967,480. 55.70% of the stock is owned by corporate insiders.

EchoStar Company Profile

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.