476,900 Shares in Echostar CORP $ECHO Acquired by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors acquired 476,900 EchoStar shares worth approximately $48.4 million, making EchoStar 1.5% of its portfolio and its 13th-largest holding.
• Other institutions also increased exposure, including Van ECK Associates, which purchased about $139 million in shares; institutional and hedge-fund ownership now stands at 33.62%.
• EchoStar trades near $86.84, while analysts maintain a “Moderate Buy” consensus with a $132 target price. However, the company reported a quarterly loss, forecasts call for a full-year loss, and insiders sold $7.6 million of stock during the last quarter.

Hennessy Advisors Inc. acquired a new position in shares of Echostar CORP (NASDAQ:ECHO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 476,900 shares of the company's stock, valued at approximately $48,405,000. Echostar accounts for approximately 1.5% of Hennessy Advisors Inc.'s portfolio, making the stock its 13th largest position. Hennessy Advisors Inc. owned 0.16% of Echostar at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. New Mexico Educational Retirement Board bought a new position in shares of Echostar in the second quarter worth $680,000. Royal London Asset Management Ltd. acquired a new position in Echostar in the second quarter valued at about $11,127,000. Mufg Securities Americas Inc. bought a new stake in Echostar during the second quarter worth about $417,000. Van ECK Associates Corp bought a new stake in Echostar during the second quarter worth about $139,004,000. Finally, Nissay Asset Management Corp Japan acquired a new stake in Echostar during the second quarter worth about $1,793,000. 33.62% of the stock is owned by institutional investors and hedge funds.

Echostar Price Performance

Shares of NASDAQ ECHO opened at $86.84 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 $25.23 billion, a price-to-earnings ratio of -3.48 and a beta of 1.03. Echostar CORP has a 12 month low of $56.26 and a 12 month high of $147.25.

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

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Williams Trading set a $155.00 target price on shares of Echostar in a research report on Monday, May 18th. New Street Research set a $165.00 price target on shares of Echostar in a research report on Monday, June 15th. TD Cowen decreased their price objective 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. Wall Street Zen upgraded shares of Echostar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Weiss Ratings initiated coverage on Echostar in a research note on Monday, July 6th. They set a "sell (d-)" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $132.00.

Insider Activity at Echostar

In other news, Director William David Wade sold 2,575 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total transaction of $238,573.75. Following the completion of the transaction, the director directly owned 2,749 shares in the company, valued at approximately $254,694.85. This represents a 48.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen J. Bye sold 8,508 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $89.83, for a total value of $764,273.64. Following the completion of the transaction, the director owned 653 shares of the company's stock, valued at $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 66,094 shares of company stock valued at $7,587,592 in the last quarter. Insiders own 2.00% of the company's stock.

About Echostar

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.

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