Governors Lane LP Has $21.43 Million Holdings in EchoStar Corporation $SATS

Governors Lane LP cut its stake in shares of EchoStar Corporation (NASDAQ:SATS) by 11.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 197,118 shares of the communications equipment provider’s stock after selling 25,764 shares during the period. EchoStar makes up approximately 1.3% of Governors Lane LP’s investment portfolio, making the stock its 13th largest holding. Governors Lane LP owned about 0.07% of EchoStar worth $21,427,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. HB Wealth Management LLC grew its stake in shares of EchoStar by 2.0% during the fourth quarter. HB Wealth Management LLC now owns 4,933 shares of the communications equipment provider’s stock worth $536,000 after purchasing an additional 98 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of EchoStar by 2.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the communications equipment provider’s stock worth $611,000 after purchasing an additional 114 shares during the period. Fifth Third Bancorp grew its stake in shares of EchoStar by 8.1% during the fourth quarter. Fifth Third Bancorp now owns 1,800 shares of the communications equipment provider’s stock worth $196,000 after purchasing an additional 135 shares during the period. Northwestern Mutual Investment Management Company LLC grew its stake in shares of EchoStar by 0.5% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 30,118 shares of the communications equipment provider’s stock worth $3,274,000 after purchasing an additional 144 shares during the period. Finally, Hollencrest Capital Management acquired a new stake in shares of EchoStar during the fourth quarter worth $26,000. 33.62% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at EchoStar

In related news, CEO Hamid Akhavan sold 52,586 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer owned 865,633 shares in the company, valued at approximately $104,741,593. This represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.90% of the company’s stock.

Wall Street Analyst Weigh In

SATS has been the subject of a number of analyst reports. Wall Street Zen raised EchoStar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. UBS Group lifted their target price on EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Williams Trading set a $155.00 target price on EchoStar in a report on Monday, May 18th. Finally, New Street Research set a $165.00 target price on EchoStar in a report on Monday. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $137.71.

EchoStar Stock Performance

Shares of EchoStar stock opened at $111.70 on Thursday. The firm has a market cap of $32.37 billion, a price-to-earnings ratio of -2.23 and a beta of 0.94. The stock’s 50-day moving average is $125.33 and its 200-day moving average is $115.79. EchoStar Corporation has a one year low of $24.15 and a one year high of $147.25. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27.

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

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.