Convergence Investment Partners LLC Purchases Shares of 30,218 EchoStar Corp. (SATS)
Convergence Investment Partners LLC purchased a new position in shares of EchoStar Corp. (NASDAQ:SATS) during the second quarter, Holdings Channel reports. The fund purchased 30,218 shares of the company’s stock, valued at approximately $1,200,000.
Several other hedge funds have also recently added to or reduced their stakes in SATS. Vanguard Group Inc. boosted its stake in EchoStar Corp. by 4.8% in the second quarter. Vanguard Group Inc. now owns 3,253,304 shares of the company’s stock worth $129,157,000 after buying an additional 148,602 shares during the period. Brown Advisory Inc. boosted its stake in EchoStar Corp. by 3.7% in the second quarter. Brown Advisory Inc. now owns 1,202,195 shares of the company’s stock worth $47,727,000 after buying an additional 43,049 shares during the period. Prudential Financial Inc. boosted its stake in EchoStar Corp. by 93.7% in the second quarter. Prudential Financial Inc. now owns 139,069 shares of the company’s stock worth $5,521,000 after buying an additional 67,257 shares during the period. Dimensional Fund Advisors LP boosted its stake in EchoStar Corp. by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,069,343 shares of the company’s stock worth $42,450,000 after buying an additional 58,075 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in EchoStar Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,281 shares of the company’s stock worth $249,000 after buying an additional 763 shares during the period. Institutional investors and hedge funds own 44.02% of the company’s stock.
EchoStar Corp. (NASDAQ:SATS) opened at 38.60 on Monday. The firm’s 50-day moving average is $38.55 and its 200-day moving average is $40.48. EchoStar Corp. has a 52-week low of $30.86 and a 52-week high of $46.88. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 17.79 and a beta of 1.02.
EchoStar Corp. (NASDAQ:SATS) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.17. The business earned $757.60 million during the quarter, compared to the consensus estimate of $766.99 million. EchoStar Corp. had a return on equity of 5.17% and a net margin of 6.31%. The company’s revenue was down 4.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 earnings per share. Analysts predict that EchoStar Corp. will post $1.78 earnings per share for the current year.
A number of analysts recently commented on SATS shares. Citigroup Inc. lifted their target price on shares of EchoStar Corp. from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, August 17th. Zacks Investment Research upgraded shares of EchoStar Corp. from a “strong sell” rating to a “hold” rating in a research note on Saturday, September 3rd. TheStreet cut shares of EchoStar Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Finally, Macquarie reiterated an “outperform” rating and issued a $55.00 target price on shares of EchoStar Corp. in a research note on Friday, July 8th.
EchoStar Corp. Company Profile
EchoStar Corporation is a holding company. The Company operates through three segments: Hughes, EchoStar Technologies (ETC) and EchoStar Satellite Services (ESS). Its operations also include real estate and other activities. The Company’s Hughes segment provides broadband satellite technologies and services for the home and office, delivering network technologies, managed services, and solutions for consumers, enterprises and governments.
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