First Trust Advisors LP Has $12.35 Million Stock Holdings in Echostar CORP $ECHO

First Trust Advisors LP trimmed its holdings in Echostar CORP (NASDAQ:ECHO - Free Report) by 21.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 105,519 shares of the company's stock after selling 28,047 shares during the quarter. First Trust Advisors LP's holdings in Echostar were worth $12,353,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sachem Head Capital Management LP bought a new position in shares of Echostar in the fourth quarter worth about $568,218,000. Norges Bank bought a new stake in shares of Echostar during the fourth quarter valued at approximately $182,111,000. 140 Summer Partners LP bought a new stake in shares of Echostar during the fourth quarter valued at approximately $99,678,000. Atreides Management LP acquired a new stake in shares of Echostar in the fourth quarter valued at approximately $97,948,000. Finally, Contrarius Group Holdings Ltd increased its holdings in shares of Echostar by 68.6% in the fourth quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the company's stock valued at $237,154,000 after purchasing an additional 887,611 shares in the last quarter. Institutional investors and hedge funds own 33.62% of the company's stock.

Echostar Stock Up 2.7%

Shares of ECHO stock opened at $86.13 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. Echostar CORP has a 52-week low of $26.04 and a 52-week high of $147.25. The company has a market capitalization of $24.96 billion, a price-to-earnings ratio of -1.72 and a beta of 1.00.

Echostar (NASDAQ:ECHO - Get Free Report) last issued its earnings results on Saturday, May 9th. The company reported ($0.51) EPS for the quarter. Echostar had a negative net margin of 97.56% and a negative return on equity of 4.80%. The business had revenue of $3.67 billion for the quarter. As a group, sell-side analysts expect that Echostar CORP will post -1.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on ECHO shares. Weiss Ratings initiated coverage on Echostar in a report on Monday, July 6th. They set a "sell (d-)" rating on the stock. Raymond James Financial raised Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 target price for the company in a research note on Friday, July 17th. TD Cowen boosted their target price on Echostar from $129.00 to $155.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Citigroup started coverage on Echostar in a research note on Tuesday, July 7th. They set a "buy" rating and a $126.00 price target on the stock. Finally, Williams Trading set a $155.00 price target on Echostar in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Echostar has a consensus rating of "Moderate Buy" and an average target price of $136.25.

Insider Buying and Selling

In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $121.00, for a total value of $6,362,906.00. Following the transaction, the chief executive officer owned 865,633 shares of the company's stock, valued at approximately $104,741,593. This represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.00% of the company's stock.

Echostar Profile

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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