Dish Network Corp. (DISH) Bonds Drop 2.6% During Trading Earnings
An issue of Dish Network Corp. (NASDAQ:DISH) bonds fell 2.6% against their face value during trading on Thursday following a weaker than expected earnings announcement. The debt issue has a 5.875% coupon and will mature on November 15, 2024. The debt is now trading at $99.80 and was trading at $100.00 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price. The company reported $0.64 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by $0.04. Dish Network Corp. had a return on equity of 42.01% and a net margin of 5.75%. The firm had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the prior year, the business earned $0.42 EPS. Dish Network Corp.’s quarterly revenue was up .5% compared to the same quarter last year.
Several research firms have commented on DISH. JPMorgan Chase & Co. reissued a “buy” rating and set a $85.00 target price on shares of Dish Network Corp. in a research report on Thursday. Jefferies Group reissued a “buy” rating on shares of Dish Network Corp. in a research report on Thursday. Pivotal Research lifted their price target on shares of Dish Network Corp. from $82.00 to $86.00 and gave the stock a “buy” rating in a report on Thursday. Zacks Investment Research cut shares of Dish Network Corp. from a “hold” rating to a “sell” rating in a report on Friday, October 14th. Finally, Macquarie lifted their price target on shares of Dish Network Corp. from $62.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, October 7th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Dish Network Corp. has a consensus rating of “Hold” and an average target price of $66.63.
In other news, insider Carl E. Vogel sold 30,000 shares of Dish Network Corp. stock in a transaction on Monday, September 26th. The shares were sold at an average price of $53.54, for a total transaction of $1,606,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 49.40% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in Dish Network Corp. by 7.5% in the third quarter. JPMorgan Chase & Co. now owns 24,440,962 shares of the company’s stock valued at $1,338,875,000 after buying an additional 1,712,291 shares in the last quarter. Vanguard Group Inc. increased its stake in Dish Network Corp. by 2.1% in the second quarter. Vanguard Group Inc. now owns 9,645,533 shares of the company’s stock valued at $505,426,000 after buying an additional 195,689 shares in the last quarter. Franklin Resources Inc. increased its stake in Dish Network Corp. by 153,552.3% in the second quarter. Franklin Resources Inc. now owns 6,914,355 shares of the company’s stock valued at $362,313,000 after buying an additional 6,909,855 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Dish Network Corp. by 1.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 5,502,783 shares of the company’s stock valued at $301,442,000 after buying an additional 72,880 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Dish Network Corp. by 9.5% in the second quarter. Ameriprise Financial Inc. now owns 3,174,834 shares of the company’s stock valued at $166,364,000 after buying an additional 276,410 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.
The firm has a market capitalization of $26.21 billion, a price-to-earnings ratio of 30.12 and a beta of 1.05. The firm has a 50 day moving average of $56.30 and a 200-day moving average of $52.19.
About Dish Network Corp.
DISH Network Corporation is a holding company. The Company operates through two segments: DISH and Wireless. It offers Pay-TV services under the DISH brand and the Sling brand (collectively Pay-TV services). The DISH branded Pay-TV service consists of Federal Communications Commission (FCC) licenses authorizing it to use direct broadcast satellite (DBS) and Fixed Satellite Service (FSS) spectrum, its owned and leased satellites, receiver systems, third-party broadcast operations, customer service facilities, a leased fiber optic network, in-home service and call center operations, and certain other assets utilized in its operations.
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