Bank of New York Mellon Corp Lowers Stock Holdings in EchoStar Corporation (NASDAQ:SATS)

Bank of New York Mellon Corp reduced its holdings in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 6.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 955,258 shares of the communications equipment provider's stock after selling 64,551 shares during the period. Bank of New York Mellon Corp owned approximately 0.33% of EchoStar worth $24,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in EchoStar by 8,125.0% during the 1st quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock valued at $25,000 after buying an additional 975 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of EchoStar by 44.5% in the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock valued at $47,000 after purchasing an additional 567 shares during the period. State of Wyoming acquired a new position in shares of EchoStar in the fourth quarter valued at about $47,000. GAMMA Investing LLC increased its holdings in shares of EchoStar by 39.6% in the first quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock valued at $88,000 after purchasing an additional 976 shares during the period. Finally, Quarry LP increased its holdings in shares of EchoStar by 8,906.7% in the fourth quarter. Quarry LP now owns 4,053 shares of the communications equipment provider's stock valued at $93,000 after purchasing an additional 4,008 shares during the period. 33.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Citigroup increased their price objective on EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a report on Monday, June 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $24.70.

EchoStar Stock Performance

EchoStar stock traded down $0.32 during midday trading on Friday, hitting $28.61. 2,078,358 shares of the company were exchanged, compared to its average volume of 2,340,954. The firm has a market capitalization of $8.22 billion, a PE ratio of -38.15 and a beta of 0.90. EchoStar Corporation has a fifty-two week low of $14.79 and a fifty-two week high of $33.04. The business has a fifty day simple moving average of $23.71 and a two-hundred day simple moving average of $25.00. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.19 and a current ratio of 1.26.

EchoStar (NASDAQ:SATS - Get Free Report) last posted its earnings results on Friday, May 9th. The communications equipment provider reported ($0.71) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.19. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.87 billion. EchoStar had a negative return on equity of 1.08% and a negative net margin of 1.37%. EchoStar's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period last year, the company earned ($0.40) earnings per share. On average, sell-side analysts forecast that EchoStar Corporation will post -1.99 earnings per share for the current year.

About EchoStar

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.