EdgePoint Investment Group Inc. Boosts Stake in EchoStar Corporation (SATS)
EdgePoint Investment Group Inc. grew its holdings in EchoStar Corporation (NASDAQ:SATS) by 0.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 708,918 shares of the communications equipment provider’s stock after acquiring an additional 1,100 shares during the quarter. EchoStar Corporation accounts for 0.7% of EdgePoint Investment Group Inc.’s portfolio, making the stock its 28th largest holding. EdgePoint Investment Group Inc. owned approximately 0.74% of EchoStar Corporation worth $43,031,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of SATS. Teachers Advisors LLC boosted its position in shares of EchoStar Corporation by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 47,650 shares of the communications equipment provider’s stock valued at $2,449,000 after acquiring an additional 2,074 shares during the period. Russell Investments Group Ltd. raised its stake in shares of EchoStar Corporation by 42.8% in the first quarter. Russell Investments Group Ltd. now owns 17,968 shares of the communications equipment provider’s stock valued at $1,023,000 after purchasing an additional 5,383 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of EchoStar Corporation by 5.3% in the first quarter. Wells Fargo & Company MN now owns 127,303 shares of the communications equipment provider’s stock valued at $7,249,000 after purchasing an additional 6,463 shares in the last quarter. First Trust Advisors LP raised its stake in shares of EchoStar Corporation by 4.4% in the first quarter. First Trust Advisors LP now owns 50,591 shares of the communications equipment provider’s stock valued at $2,881,000 after purchasing an additional 2,126 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of EchoStar Corporation by 4.6% in the first quarter. US Bancorp DE now owns 12,313 shares of the communications equipment provider’s stock valued at $701,000 after purchasing an additional 546 shares in the last quarter. 45.04% of the stock is owned by institutional investors.
Shares of EchoStar Corporation (SATS) traded up 1.09% during midday trading on Friday, reaching $57.57. The company had a trading volume of 201,446 shares. The stock has a market capitalization of $5.51 billion, a PE ratio of 45.73 and a beta of 0.72. The stock’s 50 day moving average is $58.35 and its 200-day moving average is $58.17. EchoStar Corporation has a 12-month low of $38.52 and a 12-month high of $62.50.
EchoStar Corporation (NASDAQ:SATS) last announced its quarterly earnings results on Wednesday, August 9th. The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.05). The firm had revenue of $465.08 million during the quarter, compared to the consensus estimate of $455.25 million. EchoStar Corporation had a return on equity of 2.87% and a net margin of 5.03%. The firm’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 EPS. On average, equities research analysts predict that EchoStar Corporation will post $0.66 earnings per share for the current fiscal year.
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In other EchoStar Corporation news, insider Anders N. Johnson sold 7,128 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $58.72, for a total value of $418,556.16. Following the transaction, the insider now owns 2,000 shares in the company, valued at $117,440. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael T. Dugan sold 5,000 shares of the stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $62.24, for a total value of $311,200.00. Following the completion of the transaction, the chief executive officer now owns 30,146 shares in the company, valued at approximately $1,876,287.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,128 shares of company stock worth $1,022,256. Corporate insiders own 73.54% of the company’s stock.
Several research analysts have issued reports on the company. Jefferies Group LLC assumed coverage on EchoStar Corporation in a research note on Friday, September 8th. They set a “hold” rating and a $65.00 price objective for the company. TheStreet lowered EchoStar Corporation from a “b-” rating to a “c+” rating in a research note on Monday, August 21st. Finally, BidaskClub lowered EchoStar Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. EchoStar Corporation presently has a consensus rating of “Hold” and a consensus price target of $63.00.
EchoStar Corporation Company Profile
EchoStar Corporation is a holding company. The Company is a provider of satellite operations, video delivery solutions, digital set-top boxes, and broadband satellite technologies and services for home and office, delivering network technologies, managed services, and solutions for enterprises and governments.
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