Public Employees Retirement System of Ohio Takes Position in Echostar CORP $ECHO

Public Employees Retirement System of Ohio bought a new stake in Echostar CORP (NASDAQ:ECHO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 40,396 shares of the company’s stock, valued at approximately $4,100,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ECHO. Sachem Head Capital Management LP acquired a new position in shares of Echostar in the 4th quarter worth approximately $568,218,000. Norges Bank bought a new stake in Echostar in the fourth quarter valued at $182,111,000. Tema ETFs LLC raised its stake in Echostar by 83,917.0% during the second quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock worth $156,228,000 after acquiring an additional 1,537,359 shares in the last quarter. 140 Summer Partners LP acquired a new position in Echostar during the fourth quarter worth $99,678,000. Finally, Atreides Management LP bought a new position in shares of Echostar during the fourth quarter valued at $97,948,000. Institutional investors own 33.62% of the company’s stock.

Echostar Stock Up 3.6%

Shares of ECHO opened at $89.79 on Friday. The company has a quick ratio of 5.12, a current ratio of 5.20 and a debt-to-equity ratio of 1.13. Echostar CORP has a 12-month low of $63.39 and a 12-month high of $147.25. The firm has a market capitalization of $26.08 billion, a price-to-earnings ratio of -3.60 and a beta of 1.00. The firm’s fifty day moving average price is $89.74.

Echostar (NASDAQ:ECHO) last announced its quarterly earnings data on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. The firm 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 anticipate that Echostar CORP will post -1.35 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ECHO shares. Williams Trading set a $155.00 price target on shares of Echostar in a report on Monday, May 18th. TD Cowen decreased their price target on Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, August 4th. Wall Street Zen raised Echostar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings started coverage on Echostar in a research note on Monday, July 6th. They issued a “sell (d-)” rating for the company. Finally, Raymond James Financial upgraded shares of Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price target on the stock in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $132.00.

Insider Buying and Selling

In other news, Director William Wade sold 2,575 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $92.65, for a total value of $238,573.75. Following the transaction, the director owned 2,749 shares of the company’s stock, valued at $254,694.85. This represents a 48.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction on Friday, August 7th. The stock was sold at an average price of $89.83, for a total value of $764,273.64. Following the sale, the director directly owned 653 shares of the company’s stock, valued at approximately $58,658.99. This trade represents a 92.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 13,508 shares of company stock worth $1,224,686. Insiders own 2.00% of the company’s stock.

About Echostar

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.