BI Asset Management Fondsmaeglerselskab A S Reduces Stock Holdings in EchoStar Corporation $SATS

BI Asset Management Fondsmaeglerselskab A S lessened its holdings in shares of EchoStar Corporation (NASDAQ:SATS) by 94.1% in the 1st quarter, HoldingsChannel reports. The firm owned 6,257 shares of the communications equipment provider’s stock after selling 99,374 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in EchoStar were worth $733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SATS. Hollencrest Capital Management purchased a new stake in EchoStar in the fourth quarter valued at $26,000. CoreCap Advisors LLC purchased a new stake in shares of EchoStar in the fourth quarter worth about $28,000. Rosenberg Matthew Hamilton acquired a new stake in EchoStar during the fourth quarter worth about $29,000. Tucker Asset Management LLC acquired a new stake in EchoStar during the fourth quarter worth about $42,000. Finally, BOKF NA raised its position in EchoStar by 300.0% during the fourth quarter. BOKF NA now owns 400 shares of the communications equipment provider’s stock valued at $43,000 after acquiring an additional 300 shares in the last quarter. 33.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Hamid Akhavan sold 52,586 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the completion of the sale, the chief executive officer directly owned 865,633 shares in the company, valued at approximately $104,741,593. The trade was a 5.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.90% of the stock is owned by corporate insiders.

EchoStar Stock Down 0.1%

Shares of NASDAQ SATS opened at $103.80 on Friday. The firm has a market cap of $30.08 billion, a price-to-earnings ratio of -2.07 and a beta of 0.94. EchoStar Corporation has a 52-week low of $24.15 and a 52-week high of $147.25. The company’s 50-day simple moving average is $123.01 and its 200-day simple moving average is $117.10. The company has a quick ratio of 0.27, a current ratio of 0.30 and a debt-to-equity ratio of 3.17.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.03). EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter last year, the firm posted ($0.71) earnings per share.

Wall Street Analyst Weigh In

SATS has been the topic of several recent research reports. Williams Trading set a $155.00 price objective on EchoStar in a research report on Monday, May 18th. UBS Group boosted their target price on shares of EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Wall Street Zen upgraded shares of EchoStar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, New Street Research set a $165.00 price objective on shares of EchoStar in a report on Monday, June 15th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $137.71.

EchoStar 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.