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

The Manufacturers Life Insurance Company acquired a new position in shares of Echostar CORP (NASDAQ:ECHO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 79,813 shares of the company’s stock, valued at approximately $8,101,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in ECHO. California State Teachers Retirement System purchased a new stake in Echostar in the 2nd quarter valued at about $2,059,533,000. Sachem Head Capital Management LP acquired a new position in shares of Echostar during the 4th quarter valued at about $568,218,000. Norges Bank purchased a new position in shares of Echostar during the 4th quarter worth about $182,111,000. Tidal Investments LLC purchased a new position in shares of Echostar during the 2nd quarter worth about $159,344,000. Finally, Tema ETFs LLC boosted its position in shares of Echostar by 83,917.0% in the second quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock worth $156,228,000 after acquiring an additional 1,537,359 shares during the last quarter. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ECHO. UBS Group upgraded shares of Echostar from a “neutral” rating to a “buy” rating and boosted their target price for the company from $127.00 to $150.00 in a report on Tuesday, September 8th. Weiss Ratings initiated coverage on shares of Echostar in a research note on Monday, July 6th. They set a “sell (d-)” rating on the stock. New Street Research set a $165.00 price target on shares of Echostar in a report on Monday, June 15th. Williams Trading set a $155.00 price objective on shares of Echostar in a research note on Monday, May 18th. Finally, Raymond James Financial upgraded Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective for the company in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $134.88.

Echostar Stock Performance

ECHO opened at $93.14 on Monday. The business’s 50 day simple moving average is $89.96. The firm has a market cap of $27.06 billion, a P/E ratio of -3.74 and a beta of 1.00. Echostar CORP has a 1 year low of $65.76 and a 1 year high of $147.25. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20.

Echostar (NASDAQ:ECHO) last posted its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) EPS for the quarter. The business 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, sell-side analysts predict that Echostar CORP will post -1.35 earnings per share for the current year.

Insider Buying and Selling at Echostar

In related news, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction on Friday, August 7th. The shares were sold at an average price of $89.83, for a total transaction of $764,273.64. Following the transaction, the director owned 653 shares in the company, valued at approximately $58,658.99. The trade was a 92.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William Wade sold 2,425 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $91.48, for a total transaction of $221,839.00. Following the sale, the director directly owned 324 shares of the company’s stock, valued at approximately $29,639.52. This trade represents a 88.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,508 shares of company stock valued at $1,224,686 in the last three months. Company insiders own 55.70% of the company’s stock.

Echostar Company 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.