Resona Asset Management Co. Ltd. Acquires Shares of 37,273 Echostar CORP $ECHO

Resona Asset Management Co. Ltd. bought a new position in Echostar CORP (NASDAQ:ECHO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 37,273 shares of the company’s stock, valued at approximately $3,778,000.

Several other large investors have also modified their holdings of the stock. Hollencrest Capital Management acquired a new position in Echostar in the fourth quarter worth about $26,000. SOA Wealth Advisors LLC. acquired a new stake in Echostar during the first quarter valued at approximately $34,000. Pittenger & Anderson Inc. acquired a new stake in Echostar during the second quarter valued at approximately $38,000. NewEdge Advisors LLC lifted its holdings in Echostar by 134.8% during the 1st quarter. NewEdge Advisors LLC now owns 324 shares of the company’s stock worth $38,000 after buying an additional 186 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Echostar during the 3rd quarter worth approximately $38,000. Institutional investors own 33.62% of the company’s stock.

Echostar Stock Performance

Shares of ECHO opened at $91.68 on Friday. The firm has a market cap of $26.63 billion, a P/E ratio of -3.68 and a beta of 1.03. 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 $26.52 and a 12 month high of $147.25.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. New Street Research set a $165.00 price target on Echostar in a report on Monday, June 15th. TD Cowen reduced their price objective on Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Raymond James Financial raised shares of Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective for the company in a report on Friday, July 17th. Weiss Ratings began coverage on shares of Echostar in a research note on Monday, July 6th. They set a “sell (d-)” rating for the company. Finally, Wall Street Zen raised shares of Echostar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One equities 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $132.00.

Insider Transactions at Echostar

In related news, CEO Hamid Akhavan sold 52,586 shares of Echostar stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the sale, the chief executive officer directly owned 865,633 shares in the company, valued at $104,741,593. This trade represents a 5.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through 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 Echostar stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $89.83, for a total transaction of $764,273.64. Following the completion of the sale, the director owned 653 shares in the company, valued at approximately $58,658.99. This represents a 92.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.00% of the stock is owned by company insiders.

Echostar Company 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.