EchoStar Corporation (NASDAQ:SATS) Stock Position Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in EchoStar Corporation (NASDAQ:SATS - Free Report) by 6.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 955,258 shares of the communications equipment provider's stock after selling 64,551 shares during the quarter. Bank of New York Mellon Corp owned 0.33% of EchoStar worth $24,435,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SATS. Fifth Third Bancorp increased its holdings in EchoStar by 44.5% during the 1st quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock worth $47,000 after purchasing an additional 567 shares during the last quarter. Xponance Inc. increased its holdings in EchoStar by 8.7% during the 4th quarter. Xponance Inc. now owns 8,773 shares of the communications equipment provider's stock worth $201,000 after purchasing an additional 701 shares during the last quarter. Gilder Gagnon Howe & Co. LLC increased its holdings in EchoStar by 2.0% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 47,604 shares of the communications equipment provider's stock worth $1,090,000 after purchasing an additional 941 shares during the last quarter. Farther Finance Advisors LLC increased its holdings 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 worth $25,000 after purchasing an additional 975 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in EchoStar by 39.6% during the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock worth $88,000 after purchasing an additional 976 shares during the last quarter. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

EchoStar Stock Performance

Shares of SATS traded down $0.28 during mid-day trading on Monday, hitting $28.33. The stock had a trading volume of 2,349,940 shares, compared to its average volume of 2,352,734. The company has a market cap of $8.14 billion, a PE ratio of -37.77 and a beta of 0.90. The company's fifty day simple moving average is $23.80 and its two-hundred day simple moving average is $25.07. The company has a quick ratio of 1.19, a current ratio of 1.26 and a debt-to-equity ratio of 1.26. EchoStar Corporation has a fifty-two week low of $14.79 and a fifty-two week high of $33.04.

EchoStar (NASDAQ:SATS - Get Free Report) last released its quarterly earnings data on Friday, May 9th. The communications equipment provider reported ($0.71) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.90) by $0.19. EchoStar had a negative return on equity of 1.08% and a negative net margin of 1.37%. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the previous year, the firm posted ($0.40) EPS. The business's revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities analysts expect 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.