Seven Grand Managers LLC Makes New $21.74 Million Investment in EchoStar Corporation $SATS

Key Points

• Seven Grand Managers LLC disclosed a new stake in EchoStar, buying 200,000 shares worth about $21.74 million in the fourth quarter. The position now represents about 1.7% of its portfolio.
• Wall Street analysts are mixed on EchoStar, with several recent price target increases but an overall Hold consensus. MarketBeat reports an average price target of $137.14.
• EchoStar recently reported quarterly earnings of ($0.51) per share, missing estimates, while revenue came in slightly above expectations at $3.67 billion. The company also has significant leverage, with a debt-to-equity ratio of 3.17.

Seven Grand Managers LLC purchased a new stake in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 200,000 shares of the communications equipment provider's stock, valued at approximately $21,740,000. EchoStar makes up approximately 1.7% of Seven Grand Managers LLC's portfolio, making the stock its 19th biggest position. Seven Grand Managers LLC owned about 0.07% of EchoStar as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. HB Wealth Management LLC increased its holdings in shares of EchoStar by 2.0% during the fourth quarter. HB Wealth Management LLC now owns 4,933 shares of the communications equipment provider's stock valued at $536,000 after acquiring an additional 98 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of EchoStar by 2.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the communications equipment provider's stock valued at $611,000 after acquiring an additional 114 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of EchoStar by 8.1% during the fourth quarter. Fifth Third Bancorp now owns 1,800 shares of the communications equipment provider's stock valued at $196,000 after acquiring an additional 135 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in shares of EchoStar by 0.5% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 30,118 shares of the communications equipment provider's stock valued at $3,274,000 after acquiring an additional 144 shares in the last quarter. Finally, CoreCap Advisors LLC bought a new position in shares of EchoStar during the fourth quarter valued at $28,000. 33.62% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Williams Trading set a $155.00 price target on EchoStar in a report on Monday, May 18th. New Street Research assumed coverage on EchoStar in a report on Wednesday, May 13th. They set a "buy" rating and a $161.00 price target for the company. Citigroup raised their price target on EchoStar from $111.00 to $121.00 and gave the company a "neutral" rating in a report on Tuesday, February 3rd. TD Cowen raised their price target on EchoStar from $129.00 to $155.00 and gave the company a "buy" rating in a report on Monday, May 18th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of EchoStar in a report on Monday, April 20th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $137.14.

EchoStar Trading Down 0.5%

EchoStar stock opened at $122.46 on Thursday. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. EchoStar Corporation has a one year low of $14.90 and a one year high of $147.25. The stock has a market capitalization of $35.49 billion, a PE ratio of -2.44 and a beta of 0.95. The business's fifty day moving average is $123.83 and its 200 day moving average is $110.41.

EchoStar (NASDAQ:SATS - Get Free Report) last released its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.03). 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, compared to analysts' expectations of $3.65 billion. During the same period last year, the business earned ($0.71) earnings per share. On average, sell-side analysts predict that EchoStar Corporation will post -3.79 EPS for the current year.

Insider Activity

In other EchoStar news, CEO Hamid Akhavan sold 71,005 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $107.52, for a total value of $7,634,457.60. Following the transaction, the chief executive officer directly owned 823,293 shares of the company's stock, valued at approximately $88,520,463.36. This trade represents a 7.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO John Swieringa sold 50,088 shares of the firm's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total value of $5,688,995.04. Following the completion of the transaction, the chief operating officer directly owned 253,535 shares in the company, valued at $28,796,505.30. The trade was a 16.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 55.90% of the company's stock.

About EchoStar

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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