Retirement Systems of Alabama Invests $2.91 Million in Echostar CORP $ECHO

Retirement Systems of Alabama bought a new position in Echostar CORP (NASDAQ:ECHO) during the second quarter, HoldingsChannel.com reports. The fund bought 28,629 shares of the company’s stock, valued at approximately $2,906,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hollencrest Capital Management purchased a new position in Echostar in the fourth quarter worth about $26,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Echostar during the first quarter valued at approximately $34,000. Pittenger & Anderson Inc. bought a new stake in shares of Echostar during the second quarter valued at approximately $38,000. NewEdge Advisors LLC increased its position in shares of Echostar by 134.8% during the first quarter. NewEdge Advisors LLC now owns 324 shares of the company’s stock valued at $38,000 after acquiring an additional 186 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Echostar in the 3rd quarter worth approximately $38,000. 33.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wall Street Zen raised Echostar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Citigroup reduced their price objective on Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. New Street Research set a $165.00 target price on Echostar in a research report on Monday, June 15th. Williams Trading set a $155.00 target price on shares of Echostar in a research note on Monday, May 18th. Finally, TD Cowen lowered their target price on shares of Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Echostar has an average rating of “Moderate Buy” and a consensus target price of $132.00.

Echostar Price Performance

NASDAQ:ECHO opened at $91.68 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. The stock has a market cap of $26.63 billion, a price-to-earnings ratio of -3.68 and a beta of 1.03. Echostar CORP has a 52-week low of $26.52 and a 52-week high of $147.25.

Echostar (NASDAQ:ECHO) last posted its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. The firm had revenue of $3.67 billion during the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%. As a group, equities analysts predict that Echostar CORP will post -1.35 earnings per share for the current year.

Insider Transactions at Echostar

In other 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 value of $6,362,906.00. Following the completion of the transaction, the chief executive officer owned 865,633 shares of the company’s stock, valued at $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 available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen J. Bye sold 8,508 shares of the stock in a transaction dated 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 owned 653 shares of the company’s stock, valued at $58,658.99. This represents a 92.87% decrease in their position. The SEC filing for this sale provides additional information. 2.00% of the stock is owned by company insiders.

Echostar Profile

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.