Weiss Asset Management LP Raises Stock Position in Echostar Co. (NASDAQ:SATS)
Weiss Asset Management LP increased its position in shares of Echostar Co. (NASDAQ:SATS) by 75.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 83,133 shares of the communications equipment provider’s stock after buying an additional 35,649 shares during the period. Weiss Asset Management LP’s holdings in Echostar were worth $3,684,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. AXA purchased a new stake in Echostar during the 2nd quarter worth $6,480,000. Parametric Portfolio Associates LLC increased its stake in Echostar by 8.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 68,265 shares of the communications equipment provider’s stock worth $3,026,000 after buying an additional 5,447 shares during the period. EdgePoint Investment Group Inc. increased its stake in Echostar by 0.3% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 5,519,961 shares of the communications equipment provider’s stock worth $244,645,000 after buying an additional 19,081 shares during the period. Natixis purchased a new stake in Echostar during the 2nd quarter worth $2,508,000. Finally, Quaker Capital Investments LLC increased its stake in Echostar by 1.0% during the 2nd quarter. Quaker Capital Investments LLC now owns 622,714 shares of the communications equipment provider’s stock worth $27,599,000 after buying an additional 6,000 shares during the period. 45.49% of the stock is currently owned by hedge funds and other institutional investors.
Echostar stock traded up $0.23 during midday trading on Monday, reaching $39.48. 22,097 shares of the stock traded hands, compared to its average volume of 455,487. The company has a current ratio of 6.10, a quick ratio of 5.94 and a debt-to-equity ratio of 0.62. The firm has a fifty day moving average price of $42.04 and a two-hundred day moving average price of $41.25. The firm has a market cap of $3.88 billion, a price-to-earnings ratio of 103.89 and a beta of 0.79. Echostar Co. has a fifty-two week low of $27.29 and a fifty-two week high of $40.19.
SATS has been the topic of several analyst reports. Zacks Investment Research raised shares of Echostar from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, August 13th. BidaskClub raised shares of Echostar from a “hold” rating to a “buy” rating in a report on Wednesday, September 4th. Finally, Raymond James reaffirmed 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. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $54.67.
In other Echostar news, CEO Michael T. Dugan sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.07, for a total transaction of $3,907,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 52.00% of the company’s stock.
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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