Earnest Partners LLC Reduces Position in EchoStar Corporation (SATS)

Earnest Partners LLC lowered its position in shares of EchoStar Corporation (NASDAQ:SATS) by 0.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 379,645 shares of the communications equipment provider’s stock after selling 910 shares during the period. Earnest Partners LLC owned approximately 0.40% of EchoStar Corporation worth $21,621,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. increased its position in EchoStar Corporation by 11,213.9% in the first quarter. BlackRock Inc. now owns 1,929,583 shares of the communications equipment provider’s stock worth $109,889,000 after buying an additional 1,912,528 shares in the last quarter. Norges Bank purchased a new position in EchoStar Corporation during the fourth quarter worth approximately $18,604,000. Renaissance Technologies LLC increased its position in EchoStar Corporation by 6.8% in the first quarter. Renaissance Technologies LLC now owns 2,748,080 shares of the communications equipment provider’s stock worth $156,503,000 after buying an additional 175,100 shares in the last quarter. Dimensional Fund Advisors LP increased its position in EchoStar Corporation by 14.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,276,144 shares of the communications equipment provider’s stock worth $72,670,000 after buying an additional 157,545 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in EchoStar Corporation by 32,069.6% in the first quarter. Lazard Asset Management LLC now owns 133,504 shares of the communications equipment provider’s stock worth $7,602,000 after buying an additional 133,089 shares in the last quarter. Hedge funds and other institutional investors own 44.84% of the company’s stock.

Institutional Ownership by Quarter for EchoStar Corporation (NASDAQ:SATS)

Shares of EchoStar Corporation (NASDAQ SATS) traded down 2.02% during mid-day trading on Tuesday, reaching $60.99. The company had a trading volume of 108,812 shares. The company has a market capitalization of $5.82 billion, a PE ratio of 34.09 and a beta of 0.65. The stock’s 50-day moving average price is $59.32 and its 200 day moving average price is $55.44. EchoStar Corporation has a 1-year low of $36.43 and a 1-year high of $62.50.

EchoStar Corporation (NASDAQ:SATS) last released its quarterly earnings data on Wednesday, May 10th. The communications equipment provider reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.17. EchoStar Corporation had a return on equity of 4.11% and a net margin of 6.30%. The company had revenue of $443.20 million for the quarter, compared to analyst estimates of $447.17 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities analysts expect that EchoStar Corporation will post $0.77 EPS for the current year.

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A number of brokerages recently issued reports on SATS. Citigroup Inc. lowered their price target on EchoStar Corporation from $71.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, March 24th. Zacks Investment Research upgraded EchoStar Corporation from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Wednesday, March 1st.

In related news, insider Pradman P. Kaul sold 1,447 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $57.79, for a total value of $83,622.13. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Pradman P. Kaul sold 14,999 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $58.25, for a total value of $873,691.75. Following the completion of the sale, the insider now owns 4,999 shares in the company, valued at approximately $291,191.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,862 shares of company stock worth $3,287,058. Corporate insiders own 73.54% of the company’s stock.

About EchoStar Corporation

EchoStar Corporation is a holding company. The Company is a provider of satellite operations, video delivery solutions, digital set-top boxes, and broadband satellite technologies and services for home and office, delivering network technologies, managed services, and solutions for enterprises and governments.

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