Retirement Systems of Alabama Acquires Shares of 28,629 Echostar CORP $ECHO

Key Points

• Retirement Systems of Alabama acquired 28,629 EchoStar shares worth approximately $2.9 million in the second quarter. Institutional investors collectively own 33.62% of the company.
• Analyst sentiment remains positive overall, with EchoStar carrying a “Moderate Buy” consensus rating and an average price target of $132, although TD Cowen recently cut its target to $130 from $155.
• EchoStar reported a quarterly loss of $0.51 per share on $3.67 billion in revenue, while insiders—including the CEO and a director—recently sold shares.

Retirement Systems of Alabama acquired a new stake in shares of Echostar CORP (NASDAQ:ECHO - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,629 shares of the company's stock, valued at approximately $2,906,000.

A number of other institutional investors also recently modified their holdings of ECHO. Sachem Head Capital Management LP bought a new stake in shares of Echostar in the fourth quarter worth about $568,218,000. Norges Bank bought a new position in Echostar during the 4th quarter valued at approximately $182,111,000. Tema ETFs LLC lifted its holdings in Echostar by 83,917.0% in the 2nd quarter. Tema ETFs LLC now owns 1,539,191 shares of the company's stock worth $156,228,000 after buying an additional 1,537,359 shares during the period. 140 Summer Partners LP purchased a new stake in Echostar in the 4th quarter worth approximately $99,678,000. Finally, Atreides Management LP purchased a new stake in Echostar in the 4th quarter worth approximately $97,948,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. TD Cowen reduced their target price on Echostar from $155.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Wall Street Zen raised Echostar from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Williams Trading set a $155.00 price target on Echostar in a research note on Monday, May 18th. New Street Research set a $165.00 price objective on shares of Echostar in a research report on Monday, June 15th. Finally, Weiss Ratings initiated coverage on shares of Echostar in a research report on Monday, July 6th. They set a "sell (d-)" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Echostar presently has an average rating of "Moderate Buy" and an average price target of $132.00.

Echostar Stock Performance

ECHO opened at $91.68 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. Echostar CORP has a 52 week low of $26.52 and a 52 week high of $147.25. The company has a market capitalization of $26.63 billion, a PE ratio of -3.68 and a beta of 1.03.

Echostar (NASDAQ:ECHO - Get Free Report) last issued its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. The firm had revenue of $3.67 billion during the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%. As a group, analysts expect that Echostar CORP will post -1.35 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the transaction, the chief executive officer directly owned 865,633 shares in the company, valued at $104,741,593. This trade represents a 5.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen J. Bye sold 8,508 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the completion of the transaction, the director owned 653 shares of the company's stock, valued at approximately $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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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