EchoStar Corporation (NASDAQ:SATS) Stake Cut by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System trimmed its holdings in EchoStar Corporation (NASDAQ:SATS - Free Report) by 42.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,800 shares of the communications equipment provider's stock after selling 24,600 shares during the quarter. Louisiana State Employees Retirement System's holdings in EchoStar were worth $865,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Proficio Capital Partners LLC acquired a new stake in shares of EchoStar during the fourth quarter worth $328,000. Raymond James Financial Inc. acquired a new stake in shares of EchoStar during the fourth quarter worth $3,033,000. Swiss National Bank lifted its holdings in shares of EchoStar by 0.8% during the fourth quarter. Swiss National Bank now owns 248,425 shares of the communications equipment provider's stock worth $5,689,000 after purchasing an additional 2,000 shares during the period. Cibc World Markets Corp acquired a new stake in shares of EchoStar during the fourth quarter worth $261,000. Finally, Intech Investment Management LLC lifted its holdings in shares of EchoStar by 196.4% during the fourth quarter. Intech Investment Management LLC now owns 77,704 shares of the communications equipment provider's stock worth $1,779,000 after purchasing an additional 51,488 shares during the period. 33.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

EchoStar Stock Down 1.1%

NASDAQ SATS traded down $0.32 on Friday, reaching $28.61. The company had a trading volume of 2,078,358 shares, compared to its average volume of 2,352,746. The firm has a market capitalization of $8.22 billion, a PE ratio of -38.15 and a beta of 0.90. EchoStar Corporation has a 1 year low of $14.79 and a 1 year high of $33.04. The firm has a 50-day moving average of $23.80 and a 200-day moving average of $25.06. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.26 and a quick ratio of 1.19.

EchoStar (NASDAQ:SATS - Get Free Report) last posted its quarterly earnings results on Friday, May 9th. The communications equipment provider reported ($0.71) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.19. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.87 billion. EchoStar had a negative return on equity of 1.08% and a negative net margin of 1.37%. The business's revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.40) EPS. On average, equities research analysts anticipate that EchoStar Corporation will post -1.99 EPS for the current fiscal year.

EchoStar Company Profile

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.