Vanguard Group Inc. Lowers Holdings in EchoStar Corporation $SATS

Key Points

• Vanguard Group Inc. trimmed its stake in EchoStar by 0.1% in Q4, selling 11,533 shares and leaving it with 13,413,867 shares (about 4.66% of the company) valued at roughly $1.458 billion.
• Insider selling was notable: COO John Swieringa sold 50,088 shares and CEO Hamid Akhavan sold 71,005 shares recently, and corporate insiders now own 55.90% of EchoStar.
• Analysts have a consensus rating of "Hold" with an average target of $134.17 (three Buy, three Hold, one Sell); the stock opened at $123.14, with a market cap of about $35.6 billion and a one‑year range of $14.90–$137.44.

Vanguard Group Inc. trimmed its holdings in EchoStar Corporation (NASDAQ:SATS - Free Report) by 0.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,413,867 shares of the communications equipment provider's stock after selling 11,533 shares during the period. Vanguard Group Inc. owned about 4.66% of EchoStar worth $1,458,087,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. DLD Asset Management LP purchased a new position in shares of EchoStar in the third quarter valued at about $2,481,700,000. Icahn Carl C purchased a new position in shares of EchoStar in the third quarter valued at about $332,513,000. Northern Trust Corp increased its holdings in shares of EchoStar by 2.8% in the third quarter. Northern Trust Corp now owns 1,744,438 shares of the communications equipment provider's stock worth $133,205,000 after purchasing an additional 48,322 shares during the last quarter. Contrarius Group Holdings Ltd bought a new stake in shares of EchoStar in the third quarter worth about $98,819,000. Finally, Invesco Ltd. increased its holdings in shares of EchoStar by 30.1% in the second quarter. Invesco Ltd. now owns 913,292 shares of the communications equipment provider's stock worth $25,298,000 after purchasing an additional 211,421 shares during the last quarter. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

EchoStar Trading Up 2.8%

SATS opened at $123.14 on Friday. The stock has a market cap of $35.57 billion, a price-to-earnings ratio of -2.45 and a beta of 1.00. The stock's 50 day moving average price is $117.61 and its 200-day moving average price is $103.36. EchoStar Corporation has a one year low of $14.90 and a one year high of $137.44. The company has a debt-to-equity ratio of 3.21, a quick ratio of 0.38 and a current ratio of 0.42.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SATS. UBS Group lifted their target price on EchoStar from $125.00 to $127.00 and gave the stock a "neutral" rating in a report on Tuesday, March 3rd. Citigroup lifted their target price on EchoStar from $111.00 to $121.00 and gave the stock a "neutral" rating in a report on Tuesday, February 3rd. TD Cowen reaffirmed a "buy" rating on shares of EchoStar in a report on Wednesday, January 7th. Zacks Research cut EchoStar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 10th. Finally, Williams Trading set a $158.00 price objective on EchoStar in a research note on Wednesday, January 7th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, EchoStar currently has an average rating of "Hold" and a consensus target price of $134.17.

Insider Buying and Selling

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 stock was sold at an average price of $113.58, for a total value of $5,688,995.04. Following the completion of the sale, the chief operating officer owned 253,535 shares in the company, valued at approximately $28,796,505.30. The trade was a 16.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hamid Akhavan sold 71,005 shares of the business's stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $107.52, for a total value of $7,634,457.60. Following the completion of the sale, the chief executive officer 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. The disclosure for this sale is available in the SEC filing. Corporate 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.

Want to see what other hedge funds are holding SATS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EchoStar Corporation (NASDAQ:SATS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.