140 Summer Partners LP Makes New $99.68 Million Investment in EchoStar Corporation $SATS

Key Points

• 140 Summer Partners LP initiated a large new position in EchoStar, buying 916,997 shares worth about $99.68 million in the fourth quarter. The stake now represents roughly 7.4% of the fund’s holdings and is its second-largest position.
• EchoStar insiders have also been active: CEO Hamid Akhavan sold 52,586 shares in a pre-arranged Rule 10b5-1 transaction, reducing his direct stake by 5.73%. Despite that sale, insiders still own 55.70% of the company.
• The stock was trading up 2.6% at $120.97, but the company recently reported mixed earnings with EPS missing estimates while revenue slightly beat expectations. Wall Street’s consensus rating remains Hold, with an average price target of $137.71.

140 Summer Partners LP bought a new position in EchoStar Corporation (NASDAQ:SATS - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 916,997 shares of the communications equipment provider's stock, valued at approximately $99,678,000. EchoStar comprises about 7.4% of 140 Summer Partners LP's holdings, making the stock its 2nd biggest position. 140 Summer Partners LP owned 0.32% of EchoStar at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. AQR Capital Management LLC grew its stake in shares of EchoStar by 6.0% during the 1st quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider's stock valued at $672,000 after purchasing an additional 1,511 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of EchoStar by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the communications equipment provider's stock valued at $1,854,000 after purchasing an additional 3,199 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of EchoStar by 8.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the communications equipment provider's stock valued at $8,479,000 after purchasing an additional 24,749 shares during the period. Strs Ohio bought a new stake in shares of EchoStar during the 1st quarter valued at about $128,000. Finally, Hsbc Holdings PLC grew its stake in shares of EchoStar by 18.6% during the 2nd quarter. Hsbc Holdings PLC now owns 13,528 shares of the communications equipment provider's stock valued at $377,000 after purchasing an additional 2,119 shares during the period. Hedge funds and other institutional investors own 33.62% of the company's stock.

Insiders Place Their Bets

In other EchoStar news, CEO Hamid Akhavan sold 52,586 shares of the company's stock in a transaction that occurred on 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 directly owned 865,633 shares in the company, valued at $104,741,593. This represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.70% of the stock is owned by insiders.

EchoStar Trading Up 2.6%

Shares of NASDAQ:SATS opened at $120.97 on Wednesday. The stock has a 50 day moving average of $125.64 and a 200 day moving average of $115.50. The company has a market cap of $35.06 billion, a PE ratio of -2.41 and a beta of 0.94. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. EchoStar Corporation has a 12-month low of $23.97 and a 12-month high of $147.25.

EchoStar (NASDAQ:SATS - Get Free Report) last announced its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.03). The company had revenue of $3.67 billion for 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 posted ($0.71) earnings per share.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Zacks Research downgraded EchoStar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 10th. Williams Trading set a $155.00 price target on EchoStar in a research note on Monday, May 18th. UBS Group boosted their price target on EchoStar from $125.00 to $127.00 and gave the company a "neutral" rating in a research note on Tuesday, March 3rd. New Street Research set a $165.00 price target on EchoStar in a research note on Monday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of EchoStar in a research note on Monday, April 20th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $137.71.

About EchoStar

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.

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