Invesco Ltd. Decreases Stock Position in EchoStar Corporation $SATS

Key Points

• Invesco Ltd. has significantly reduced its stake in EchoStar Corporation by 69.5%, selling 1,599,496 shares and decreasing its ownership to approximately 0.25% of the company.
• EchoStar reported a loss of ($1.06) earnings per share for the most recent quarter, which slightly exceeded analysts' expectations, but its revenue of $3.72 billion fell short of the $3.80 billion consensus.
• Citigroup has raised its price target for EchoStar shares from $27.00 to $28.50 and maintained a "neutral" rating, while the overall consensus rating for the stock remains a "Hold" with a price target of $27.88.

Invesco Ltd. decreased its position in EchoStar Corporation (NASDAQ:SATS - Free Report) by 69.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 701,871 shares of the communications equipment provider's stock after selling 1,599,496 shares during the period. Invesco Ltd. owned approximately 0.25% of EchoStar worth $17,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LPL Financial LLC acquired a new position in shares of EchoStar in the fourth quarter valued at about $204,000. Cerity Partners LLC boosted its position in EchoStar by 24.3% in the fourth quarter. Cerity Partners LLC now owns 13,518 shares of the communications equipment provider's stock valued at $323,000 after buying an additional 2,642 shares during the last quarter. Raymond James Financial Inc. acquired a new position in EchoStar in the 4th quarter worth approximately $3,033,000. Guggenheim Capital LLC raised its position in EchoStar by 22.8% during the 4th quarter. Guggenheim Capital LLC now owns 32,987 shares of the communications equipment provider's stock worth $755,000 after buying an additional 6,116 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in EchoStar by 5.8% during the 4th quarter. MetLife Investment Management LLC now owns 73,973 shares of the communications equipment provider's stock worth $1,694,000 after buying an additional 4,041 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company's stock.

EchoStar Price Performance

Shares of EchoStar stock traded up $2.12 during trading hours on Friday, reaching $29.62. The stock had a trading volume of 2,309,242 shares, compared to its average volume of 2,514,502. The stock's 50 day moving average is $28.34 and its 200 day moving average is $25.51. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 1.28. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $34.20. The firm has a market capitalization of $8.52 billion, a PE ratio of -28.21 and a beta of 0.94.

EchoStar (NASDAQ:SATS - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06. The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.80 billion. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.EchoStar's revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.76) earnings per share. Equities analysts expect that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Citigroup increased their price objective on shares of EchoStar from $27.00 to $28.50 and gave the stock a "neutral" rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, EchoStar currently has an average rating of "Hold" and a consensus price target of $27.88.

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.