California State Teachers Retirement System Purchases New Shares in Echostar CORP $ECHO

California State Teachers Retirement System purchased a new stake in Echostar CORP (NASDAQ:ECHO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 20,290,967 shares of the company's stock, valued at approximately $2,059,533,000. California State Teachers Retirement System owned approximately 6.99% of Echostar as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ECHO. Parallel Advisors LLC lifted its stake in Echostar by 4.1% in the 1st quarter. Parallel Advisors LLC now owns 2,089 shares of the company's stock valued at $245,000 after buying an additional 83 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Echostar by 0.4% during the 1st quarter. Diversified Trust Co now owns 22,845 shares of the company's stock worth $2,674,000 after acquiring an additional 84 shares during the period. Strs Ohio boosted its position in shares of Echostar by 0.5% during the 1st quarter. Strs Ohio now owns 19,100 shares of the company's stock valued at $2,236,000 after acquiring an additional 100 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Echostar by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the company's stock valued at $611,000 after buying an additional 114 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its position in shares of Echostar by 0.5% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 30,118 shares of the company's stock worth $3,274,000 after purchasing an additional 144 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ECHO. New Street Research set a $165.00 price target on shares of Echostar in a research note on Monday, June 15th. TD Cowen reduced their target price on shares of Echostar from $155.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, August 4th. Weiss Ratings started coverage on shares of Echostar in a report on Monday, July 6th. They set a "sell (d-)" rating for the company. Wall Street Zen raised shares of Echostar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Williams Trading set a $155.00 price objective on shares of Echostar in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $134.88.

Insider Activity

In other Echostar news, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William Wade sold 2,425 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $91.48, for a total value of $221,839.00. Following the completion of the sale, the director owned 324 shares of the company's stock, valued at approximately $29,639.52. This represents a 88.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,508 shares of company stock valued at $1,224,686 over the last three months. Company insiders own 2.00% of the company's stock.

Echostar Trading Up 1.4%

Shares of Echostar stock opened at $93.14 on Friday. 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 firm has a fifty day moving average of $89.96. The firm has a market cap of $27.06 billion, a PE ratio of -3.74 and a beta of 1.00. Echostar CORP has a 12-month low of $65.76 and a 12-month high of $147.25.

Echostar (NASDAQ:ECHO - Get Free Report) last announced 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%. On average, analysts forecast that Echostar CORP will post -1.35 earnings per share for the current fiscal year.

About Echostar

EchoStar Corporation is a global communications and technology company that provides satellite, broadband, and wireless connectivity services. Its operations include satellite communications, broadband internet, enterprise networking, and related technology solutions for consumers, businesses, and government customers.

Through its Hughes business, EchoStar provides satellite-based broadband services under the HughesNet brand, as well as managed network services, equipment, and connectivity solutions for residential and commercial users.

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