Tabor Asset Management LP Invests $3.14 Million in EchoStar Corporation $SATS

Tabor Asset Management LP acquired a new stake in EchoStar Corporation (NASDAQ:SATS) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 41,098 shares of the communications equipment provider’s stock, valued at approximately $3,138,000. EchoStar makes up 1.9% of Tabor Asset Management LP’s holdings, making the stock its 20th biggest holding.

Other institutional investors have also modified their holdings of the company. FourThought Financial Partners LLC acquired a new position in shares of EchoStar during the third quarter valued at approximately $405,000. Bank of Montreal Can boosted its holdings in shares of EchoStar by 1,681.1% during the 3rd quarter. Bank of Montreal Can now owns 293,081 shares of the communications equipment provider’s stock worth $22,380,000 after purchasing an additional 276,626 shares during the last quarter. Legal & General Group Plc lifted its position in EchoStar by 16.0% during the third quarter. Legal & General Group Plc now owns 242,429 shares of the communications equipment provider’s stock worth $18,512,000 after buying an additional 33,447 shares in the last quarter. Swiss National Bank raised its holdings in shares of EchoStar by 2.0% during the 3rd quarter. Swiss National Bank now owns 272,225 shares of the communications equipment provider’s stock worth $20,787,000 after acquiring an additional 5,400 shares during the period. Finally, WINTON GROUP Ltd acquired a new stake in EchoStar during the third quarter worth about $1,028,000. Institutional investors and hedge funds own 33.62% of the company’s stock.

EchoStar Price Performance

Shares of SATS opened at $109.92 on Tuesday. The firm has a 50-day simple moving average of $115.56 and a 200-day simple moving average of $90.38. The company has a debt-to-equity ratio of 3.21, a quick ratio of 0.38 and a current ratio of 0.42. The company has a market capitalization of $31.64 billion, a price-to-earnings ratio of -2.19 and a beta of 1.01. EchoStar Corporation has a fifty-two week low of $14.90 and a fifty-two week high of $132.25.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SATS shares. Citigroup increased their price target on EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a report on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft upped their target price on shares of EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. Williams Trading set a $158.00 price target on EchoStar in a report on Wednesday, January 7th. TD Cowen reiterated a “buy” rating on shares of EchoStar in a report on Wednesday, January 7th. Finally, Zacks Research upgraded EchoStar from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, EchoStar currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.17.

Insider Activity

In related news, CEO Hamid Akhavan sold 285,832 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $105.33, for a total transaction of $30,106,684.56. Following the completion of the transaction, the chief executive officer directly owned 376,805 shares of the company’s stock, valued at $39,688,870.65. This represents a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO John Swieringa sold 50,088 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total value of $5,688,995.04. Following the transaction, the chief operating officer directly owned 253,535 shares of the company’s stock, valued at approximately $28,796,505.30. This trade represents a 16.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 55.70% of the stock is owned by insiders.

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.