Rhumbline Advisers Cuts Position in EchoStar Corporation $SATS

Rhumbline Advisers decreased its holdings in shares of EchoStar Corporation (NASDAQ:SATS) by 1.8% in the third quarter, Holdings Channel.com reports. The firm owned 434,649 shares of the communications equipment provider’s stock after selling 7,845 shares during the period. Rhumbline Advisers’ holdings in EchoStar were worth $33,190,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SATS. Darsana Capital Partners LP grew its stake in shares of EchoStar by 15.5% in the 2nd quarter. Darsana Capital Partners LP now owns 8,960,000 shares of the communications equipment provider’s stock worth $248,192,000 after buying an additional 1,201,672 shares during the last quarter. Geode Capital Management LLC boosted its holdings in EchoStar by 11.5% in the second quarter. Geode Capital Management LLC now owns 3,449,193 shares of the communications equipment provider’s stock worth $95,553,000 after acquiring an additional 355,009 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in EchoStar by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 1,268,572 shares of the communications equipment provider’s stock worth $35,139,000 after acquiring an additional 313,314 shares in the last quarter. Invesco Ltd. grew its stake in shares of EchoStar by 30.1% in the second quarter. Invesco Ltd. now owns 913,292 shares of the communications equipment provider’s stock worth $25,298,000 after acquiring an additional 211,421 shares during the last quarter. Finally, Hennessy Advisors Inc. bought a new position in shares of EchoStar during the third quarter valued at $42,464,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

EchoStar Stock Up 2.4%

Shares of EchoStar stock opened at $113.15 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.61 and a debt-to-equity ratio of 3.11. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $132.25. The company has a market cap of $32.57 billion, a price-to-earnings ratio of -2.52 and a beta of 1.01. The company’s 50 day moving average is $112.95 and its 200 day moving average is $80.58.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SATS shares. Morgan Stanley upgraded shares of EchoStar from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $82.00 to $110.00 in a research note on Wednesday, December 10th. TD Cowen reiterated a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. Citigroup raised their price target on shares of EchoStar from $111.00 to $121.00 and gave the company a “neutral” rating in a research report on Tuesday, February 3rd. Williams Trading set a $158.00 price objective on shares of EchoStar in a report on Wednesday, January 7th. Finally, UBS Group reiterated a “buy” rating on shares of EchoStar in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $133.83.

Insiders Place Their Bets

In other EchoStar news, COO John Swieringa sold 22,000 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $67.34, for a total value of $1,481,480.00. Following the transaction, the chief operating officer owned 283,509 shares of the company’s stock, valued at approximately $19,091,496.06. This represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hamid Akhavan sold 285,832 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $105.33, for a total value of $30,106,684.56. Following the sale, the chief executive officer owned 376,805 shares of the company’s stock, valued at approximately $39,688,870.65. This represents a 43.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 55.90% of the company’s stock.

EchoStar Company Profile

EchoStar Corporation (NASDAQ: SATS) is a global provider of satellite communication solutions, offering a suite of broadband and video delivery services to consumer, enterprise and government customers. The company operates two principal business segments: Broadband and Video. Through its Broadband segment, EchoStar delivers high-speed satellite internet access, managed network services and ground infrastructure for residential, commercial and rural markets. Its Video segment provides satellite fleet operations, teleport facilities and capacity-leasing services to video distributors and content providers.

In the Broadband segment, EchoStar’s Hughes Network Systems division designs and manufactures satellite broadband equipment, including user terminals and gateways, and develops advanced network management technologies.