Levin Capital Strategies L.P. Takes Position in Echostar CORP $ECHO

Levin Capital Strategies L.P. bought a new position in shares of Echostar CORP (NASDAQ:ECHO) in the second quarter, HoldingsChannel reports. The institutional investor bought 8,995 shares of the company’s stock, valued at approximately $913,000.

Several other large investors have also made changes to their positions in the company. Parallel Advisors LLC boosted its holdings in Echostar by 4.1% in the first quarter. Parallel Advisors LLC now owns 2,089 shares of the company’s stock valued at $245,000 after acquiring an additional 83 shares during the last quarter. Diversified Trust Co increased its position in Echostar by 0.4% in the first quarter. Diversified Trust Co now owns 22,845 shares of the company’s stock worth $2,674,000 after purchasing an additional 84 shares during the period. HB Wealth Management LLC raised its holdings in Echostar by 2.0% during the 4th quarter. HB Wealth Management LLC now owns 4,933 shares of the company’s stock worth $536,000 after purchasing an additional 98 shares during the last quarter. Strs Ohio raised its holdings in Echostar by 0.5% during the 1st quarter. Strs Ohio now owns 19,100 shares of the company’s stock worth $2,236,000 after purchasing an additional 100 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Echostar by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the company’s stock valued at $611,000 after purchasing an additional 114 shares during the period. Institutional investors and hedge funds own 33.62% of the company’s stock.

Insider Activity at Echostar

In related news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the sale, the chief executive officer directly owned 865,633 shares in the company, valued at $104,741,593. This trade represents a 5.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the transaction, the director directly owned 653 shares in the company, valued at $58,658.99. The trade was a 92.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 66,094 shares of company stock worth $7,587,592 in the last ninety days. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

ECHO has been the topic of several recent research reports. Wall Street Zen raised shares of Echostar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $137.00 price target on shares of Echostar in a research note on Wednesday, July 15th. New Street Research set a $165.00 price objective on shares of Echostar in a report on Monday, June 15th. TD Cowen reduced their price objective on shares of Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Finally, Weiss Ratings began coverage on shares of Echostar in a report on Monday, July 6th. They set a “sell (d-)” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $132.00.

Echostar Price Performance

NASDAQ:ECHO opened at $91.89 on Friday. Echostar CORP has a 1-year low of $26.52 and a 1-year high of $147.25. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $26.69 billion, a price-to-earnings ratio of -3.69 and a beta of 1.03.

Echostar (NASDAQ:ECHO) last issued its earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. The company had revenue of $3.67 billion for the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%. Analysts predict that Echostar CORP will post -1.35 earnings per share for the current year.

Echostar Company Profile

EchoStar Corporation is a communications company that provides satellite and wireless services, video distribution, and broadband connectivity solutions. Its business has historically been centered on satellite technology and related services, serving customers through a range of connectivity and network offerings.

The company operates through several segments that support pay-TV, enterprise, government, and consumer communications needs. Its services and technologies have included satellite television distribution, broadband satellite access, network infrastructure, and wireless communications capabilities.

EchoStar was founded in 1980 and has long been associated with satellite communications in the United States.