Nordea Investment Management AB cut its holdings in Echostar Co. (NASDAQ:SATS) by 10.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 253,300 shares of the communications equipment provider’s stock after selling 28,100 shares during the quarter. Nordea Investment Management AB owned approximately 0.26% of Echostar worth $9,233,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Park West Asset Management LLC purchased a new stake in shares of Echostar during the fourth quarter valued at about $38,556,000. Norges Bank acquired a new position in shares of Echostar during the fourth quarter valued at about $20,726,000. Ancora Advisors LLC acquired a new position in shares of Echostar during the fourth quarter valued at about $9,196,000. Barclays PLC increased its holdings in shares of Echostar by 1,169.6% during the fourth quarter. Barclays PLC now owns 199,940 shares of the communications equipment provider’s stock valued at $7,342,000 after acquiring an additional 184,192 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Echostar by 25.3% during the fourth quarter. Millennium Management LLC now owns 828,151 shares of the communications equipment provider’s stock valued at $30,410,000 after acquiring an additional 167,267 shares in the last quarter. 47.48% of the stock is owned by institutional investors.
In other Echostar news, CEO Michael T. Dugan sold 50,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $42.89, for a total value of $2,144,500.00. Following the transaction, the chief executive officer now owns 75,146 shares in the company, valued at approximately $3,223,011.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 51.60% of the company’s stock.
Shares of NASDAQ:SATS traded down $0.52 during midday trading on Friday, reaching $45.67. 235,792 shares of the company’s stock traded hands, compared to its average volume of 434,095. Echostar Co. has a 1 year low of $33.58 and a 1 year high of $49.93. The stock has a market cap of $4.37 billion, a P/E ratio of 120.18 and a beta of 0.76. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.68 and a current ratio of 2.73. The company has a fifty day simple moving average of $43.61.
Echostar (NASDAQ:SATS) last announced its earnings results on Wednesday, May 8th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $531.08 million for the quarter, compared to analyst estimates of $529.55 million. Echostar had a positive return on equity of 0.87% and a negative net margin of 0.20%. The business’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.22) EPS. On average, sell-side analysts forecast that Echostar Co. will post 0.96 earnings per share for the current fiscal year.
EchoStar Corporation, together with its subsidiaries, provides broadband satellite technologies and broadband Internet services for home and small office customers, satellite operations, and satellite services worldwide. It operates in two segments, Hughes and EchoStar Satellite Services. The Hughes segments offers broadband satellite technologies and Internet services for home and small office customers; and broadband network technologies, managed services, equipment, hardware, satellite services, and communication solutions for aeronautical, enterprise, and government customers, as well as consumers.
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