Mitsubishi UFJ Asset Management Co. Ltd. Invests $15.08 Million in EchoStar Corporation $SATS

Key Points

• Mitsubishi UFJ Asset Management disclosed a new fourth-quarter stake in EchoStar, buying 134,435 shares valued at about $15.08 million.
• Other institutional investors also increased or initiated positions in EchoStar, and hedge funds and other institutions now own 33.62% of the company.
• Analyst sentiment remains mixed: the stock’s consensus rating is Hold with an average price target of $134.17, while recent insider sales by the COO and CEO reduced their holdings.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 134,435 shares of the communications equipment provider's stock, valued at approximately $15,081,000.

Other large investors have also recently modified their holdings of the company. BOKF NA increased its holdings in EchoStar by 300.0% during the 4th quarter. BOKF NA now owns 400 shares of the communications equipment provider's stock worth $43,000 after purchasing an additional 300 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in shares of EchoStar in the 4th quarter worth $1,530,000. SBI Securities Co. Ltd. grew its position in shares of EchoStar by 230.8% during the 4th quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the communications equipment provider's stock worth $234,000 after buying an additional 1,500 shares in the last quarter. Wolverine Asset Management LLC grew its position in shares of EchoStar by 657.3% during the 4th quarter. Wolverine Asset Management LLC now owns 3,561 shares of the communications equipment provider's stock worth $387,000 after buying an additional 4,200 shares in the last quarter. Finally, Truist Financial Corp purchased a new position in shares of EchoStar during the fourth quarter valued at $303,000. Hedge funds and other institutional investors own 33.62% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SATS. UBS Group upped their price objective on shares of EchoStar from $125.00 to $127.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 3rd. Citigroup raised their target price on shares of EchoStar from $111.00 to $121.00 and gave the company a "neutral" rating in a research report on Tuesday, February 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of EchoStar in a report on Monday, April 20th. Finally, Zacks Research cut shares of EchoStar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 10th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $134.17.

EchoStar Stock Performance

SATS opened at $127.15 on Monday. The company has a current ratio of 0.42, a quick ratio of 0.38 and a debt-to-equity ratio of 3.21. The firm has a market cap of $36.73 billion, a price-to-earnings ratio of -2.53 and a beta of 0.95. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $137.44. The stock has a fifty day moving average price of $118.43 and a 200-day moving average price of $104.79.

Insider Activity

In related news, COO John Swieringa sold 50,088 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer owned 253,535 shares in the company, valued at $28,796,505.30. The trade was a 16.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hamid Akhavan sold 71,005 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the sale, the chief executive officer directly owned 823,293 shares of the company's stock, valued at $88,520,463.36. The trade was a 7.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 55.70% of the company's stock.

EchoStar 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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