State of Michigan Retirement System Takes $739,000 Position in EchoStar Corporation (NASDAQ:SATS)

State of Michigan Retirement System purchased a new position in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 28,900 shares of the communications equipment provider's stock, valued at approximately $739,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. New Mexico Educational Retirement Board acquired a new stake in EchoStar in the first quarter valued at approximately $634,000. Teacher Retirement System of Texas bought a new stake in EchoStar in the first quarter worth about $850,000. Amalgamated Bank raised its holdings in EchoStar by 50.3% during the 1st quarter. Amalgamated Bank now owns 53,287 shares of the communications equipment provider's stock worth $1,363,000 after buying an additional 17,830 shares during the period. Asset Management One Co. Ltd. acquired a new stake in EchoStar during the 1st quarter worth about $175,000. Finally, Innealta Capital LLC acquired a new stake in EchoStar during the 1st quarter worth about $240,000. 33.62% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Citigroup boosted their price target on EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a research note on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $24.70.

EchoStar Stock Down 1.1%

Shares of NASDAQ SATS traded down $0.32 during mid-day trading on Friday, reaching $28.61. 2,078,358 shares of the company's stock were exchanged, compared to its average volume of 2,347,047. The company has a current ratio of 1.26, a quick ratio of 1.19 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of -38.15 and a beta of 0.90. EchoStar Corporation has a twelve month low of $14.79 and a twelve month high of $33.04. The business has a fifty day simple moving average of $23.80 and a 200 day simple moving average of $25.04.

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

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.