Putnam Investments LLC Trims Position in Echostar Co. (SATS)
Putnam Investments LLC lowered its position in shares of Echostar Co. (NASDAQ:SATS) by 3.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,531,515 shares of the communications equipment provider’s stock after selling 451,715 shares during the period. Echostar comprises about 1.2% of Putnam Investments LLC’s portfolio, making the stock its 14th biggest position. Putnam Investments LLC owned about 12.00% of Echostar worth $511,999,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Renaissance Technologies LLC lifted its holdings in Echostar by 3.7% during the 2nd quarter. Renaissance Technologies LLC now owns 3,180,780 shares of the communications equipment provider’s stock worth $141,227,000 after buying an additional 113,100 shares during the period. BlackRock Inc. lifted its holdings in Echostar by 6.0% during the 1st quarter. BlackRock Inc. now owns 2,219,211 shares of the communications equipment provider’s stock worth $117,108,000 after buying an additional 125,390 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Echostar by 2.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,318,750 shares of the communications equipment provider’s stock worth $58,555,000 after buying an additional 27,331 shares during the period. CDAM UK Ltd lifted its holdings in Echostar by 32.5% during the 2nd quarter. CDAM UK Ltd now owns 1,291,355 shares of the communications equipment provider’s stock worth $57,336,000 after buying an additional 316,958 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Echostar by 1,812.4% during the 2nd quarter. First Trust Advisors LP now owns 911,779 shares of the communications equipment provider’s stock worth $40,483,000 after buying an additional 864,102 shares during the period. Institutional investors and hedge funds own 47.70% of the company’s stock.
Several research analysts have commented on SATS shares. ValuEngine downgraded Echostar from a “hold” rating to a “sell” rating in a report on Thursday, May 31st. BidaskClub downgraded Echostar from a “sell” rating to a “strong sell” rating in a report on Saturday, July 21st. Finally, Zacks Investment Research raised Echostar from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a report on Wednesday, June 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $65.67.
Echostar (NASDAQ:SATS) last announced its quarterly earnings data on Tuesday, August 7th. The communications equipment provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.48. The company had revenue of $525.96 million for the quarter, compared to the consensus estimate of $511.50 million. Echostar had a return on equity of 1.71% and a net margin of 20.03%. analysts anticipate that Echostar Co. will post 0.52 EPS for the current year.
In other news, Director Anthony M. Federico sold 5,000 shares of the business’s stock in a transaction dated Wednesday, June 27th. The stock was sold at an average price of $44.53, for a total value of $222,650.00. Following the transaction, the director now directly owns 5,146 shares of the company’s stock, valued at approximately $229,151.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 73.54% of the stock is owned by insiders.
Echostar Company Profile
EchoStar Corporation provides satellite service operations and video delivery solutions 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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