Royal London Asset Management Ltd. Makes New $11.13 Million Investment in Echostar CORP $ECHO

Royal London Asset Management Ltd. purchased a new position in shares of Echostar CORP (NASDAQ:ECHO) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 109,627 shares of the company’s stock, valued at approximately $11,127,000.

Several other hedge funds have also recently modified their holdings of the stock. Hollencrest Capital Management acquired a new stake in Echostar in the 4th quarter worth approximately $26,000. SOA Wealth Advisors LLC. acquired a new position in Echostar during the 1st quarter valued at approximately $34,000. Pittenger & Anderson Inc. acquired a new position in Echostar during the 2nd quarter valued at approximately $38,000. NewEdge Advisors LLC raised its holdings in shares of Echostar by 134.8% in the first 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 purchased a new position in shares of Echostar in the third quarter worth $38,000. Institutional investors and hedge funds own 33.62% of the company’s stock.

Wall Street Analyst Weigh In

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

Echostar Trading Down 0.5%

Shares of NASDAQ:ECHO opened at $86.44 on Tuesday. Echostar CORP has a twelve month low of $56.26 and a twelve month high of $147.25. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20. The company has a market capitalization of $25.11 billion, a P/E ratio of -3.47 and a beta of 1.03.

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

Insider Transactions at Echostar

In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $104,741,593. This represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William David Wade sold 2,425 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $91.48, for a total transaction of $221,839.00. Following the completion of the sale, the director directly owned 324 shares in the company, valued at approximately $29,639.52. The trade was a 88.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 66,094 shares of company stock worth $7,587,592 over the last 90 days. 55.70% of the stock is currently 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.