Clg LLC Has $9.12 Million Stock Position in EchoStar Corporation $SATS

Key Points

• Clg LLC cut its EchoStar stake by 61.4% in Q3, selling 190,157 shares and retaining 119,371 shares worth $9.115 million, which is about 2.5% of its portfolio and the firm’s 8th largest holding.
• Senior insiders sold sizable positions in March: COO John Swieringa sold 50,088 shares (~$5.69M) and CEO Hamid Akhavan sold 71,005 shares (~$7.63M), though insiders still own 55.90% of the company.
• Analyst view and valuation are mixed: MarketBeat shows a consensus "Hold" with a $134.17 target; shares opened at $108.34, market cap ~ $31.2B, P/E -2.15 and debt-to-equity 3.21.

Clg LLC reduced its holdings in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 61.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,371 shares of the communications equipment provider's stock after selling 190,157 shares during the period. EchoStar accounts for about 2.5% of Clg LLC's investment portfolio, making the stock its 8th largest holding. Clg LLC's holdings in EchoStar were worth $9,115,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. AQR Capital Management LLC increased its stake in shares of EchoStar by 6.0% during the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of EchoStar by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the communications equipment provider's stock worth $1,854,000 after purchasing an additional 3,199 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of EchoStar by 8.1% in 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 worth $8,479,000 after purchasing an additional 24,749 shares in the last quarter. Strs Ohio purchased a new stake in shares of EchoStar in the 1st quarter worth approximately $128,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of EchoStar in the 2nd quarter worth approximately $217,000. Institutional investors own 33.62% of the company's stock.

Insider Transactions at EchoStar

In other news, COO John Swieringa sold 50,088 shares of the firm's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $113.58, for a total transaction of $5,688,995.04. Following the sale, the chief operating officer owned 253,535 shares of the company's stock, valued at $28,796,505.30. This trade represents a 16.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hamid Akhavan sold 71,005 shares of EchoStar stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the completion of the sale, the chief executive officer owned 823,293 shares of the company's stock, valued at $88,520,463.36. This represents a 7.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 55.90% of the stock is currently owned by insiders.

EchoStar Stock Performance

Shares of SATS opened at $108.34 on Friday. The company has a market cap of $31.19 billion, a price-to-earnings ratio of -2.15 and a beta of 1.01. The business's fifty day simple moving average is $115.52 and its two-hundred day simple moving average is $92.03. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $132.25. The company has a current ratio of 0.42, a quick ratio of 0.38 and a debt-to-equity ratio of 3.21.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SATS shares. Deutsche Bank Aktiengesellschaft lifted their price objective on EchoStar from $97.00 to $131.00 and gave the company a "buy" rating in a research note on Friday, December 19th. Williams Trading set a $158.00 price target on EchoStar in a report on Wednesday, January 7th. Zacks Research lowered EchoStar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 10th. UBS Group increased their price objective on shares of EchoStar from $125.00 to $127.00 and gave the company a "neutral" rating in a research report on Tuesday, March 3rd. Finally, TD Cowen restated a "buy" rating on shares of EchoStar in a research note on Wednesday, January 7th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $134.17.

EchoStar Company Profile

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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