The Manufacturers Life Insurance Company Makes New $8.10 Million Investment in Echostar CORP $ECHO

Key Points

• The Manufacturers Life Insurance Company purchased 79,813 EchoStar shares worth approximately $8.1 million during the second quarter. Institutional investors collectively own 33.62% of the company.
• Analysts maintain a generally positive outlook, with EchoStar receiving a “Moderate Buy” consensus rating and an average price target of $134.88, despite several recent target-price reductions.
• EchoStar reported a quarterly loss of $0.51 per share on $3.67 billion in revenue. The stock opened at $93.14, while insiders sold 13,508 shares worth approximately $1.22 million over the past three months.

The Manufacturers Life Insurance Company bought a new stake in Echostar CORP (NASDAQ:ECHO - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 79,813 shares of the company's stock, valued at approximately $8,101,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its holdings in Echostar by 4.1% in the first quarter. Parallel Advisors LLC now owns 2,089 shares of the company's stock valued at $245,000 after buying an additional 83 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Echostar by 0.4% in the 1st quarter. Diversified Trust Co now owns 22,845 shares of the company's stock worth $2,674,000 after acquiring an additional 84 shares during the period. Strs Ohio increased its stake in Echostar by 0.5% in the 1st quarter. Strs Ohio now owns 19,100 shares of the company's stock valued at $2,236,000 after purchasing an additional 100 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Echostar by 2.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the company's stock valued at $611,000 after purchasing an additional 114 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC raised its holdings in Echostar by 0.5% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 30,118 shares of the company's stock worth $3,274,000 after purchasing an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 33.62% of the company's stock.

Insider Activity

In related news, Director Stephen Bye sold 8,508 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $89.83, for a total value 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William Wade sold 2,575 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total transaction of $238,573.75. Following the completion of the transaction, the director owned 2,749 shares in the company, valued at approximately $254,694.85. This trade represents a 48.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,508 shares of company stock valued at $1,224,686 in the last three months. 55.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Citigroup dropped their price target on Echostar from $126.00 to $117.00 and set a "buy" rating for the company in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $137.00 price objective on shares of Echostar in a research report on Wednesday, July 15th. TD Cowen dropped their target price on shares of Echostar from $155.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, August 4th. New Street Research set a $165.00 target price on shares of Echostar in a report on Monday, June 15th. Finally, UBS Group upgraded shares of Echostar from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $127.00 to $150.00 in a research report on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $134.88.

Echostar Stock Performance

Echostar stock opened at $93.14 on Monday. The company has a quick ratio of 5.12, a current ratio of 5.20 and a debt-to-equity ratio of 1.13. The business's fifty day moving average is $89.96. The stock has a market capitalization of $27.06 billion, a P/E ratio of -3.74 and a beta of 1.00. Echostar CORP has a fifty-two week low of $65.76 and a fifty-two week high of $147.25.

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

Echostar Profile

EchoStar Corporation is a global communications and technology company that provides satellite, broadband, and wireless connectivity services. Its operations include satellite communications, broadband internet, enterprise networking, and related technology solutions for consumers, businesses, and government customers.

Through its Hughes business, EchoStar provides satellite-based broadband services under the HughesNet brand, as well as managed network services, equipment, and connectivity solutions for residential and commercial users.

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