KLP Kapitalforvaltning AS Acquires New Holdings in EchoStar Co. (NASDAQ:SATS)

KLP Kapitalforvaltning AS acquired a new stake in shares of EchoStar Co. (NASDAQ:SATS - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 26,906 shares of the communications equipment provider's stock, valued at approximately $616,000.

Other institutional investors have also added to or reduced their stakes in the company. Stonehill Capital Management LLC purchased a new position in shares of EchoStar during the third quarter valued at about $9,235,000. Bank of New York Mellon Corp boosted its position in EchoStar by 15.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,019,809 shares of the communications equipment provider's stock valued at $23,354,000 after acquiring an additional 133,819 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of EchoStar during the 4th quarter worth approximately $3,033,000. Hussman Strategic Advisors Inc. bought a new position in shares of EchoStar in the 4th quarter worth approximately $2,404,000. Finally, Van ECK Associates Corp lifted its stake in shares of EchoStar by 309.6% in the 4th quarter. Van ECK Associates Corp now owns 133,108 shares of the communications equipment provider's stock valued at $3,048,000 after purchasing an additional 100,608 shares during the period. 33.62% of the stock is currently owned by institutional investors.

EchoStar Stock Down 7.7 %

NASDAQ:SATS traded down $1.80 during trading hours on Friday, reaching $21.53. 3,886,294 shares of the company traded hands, compared to its average volume of 1,690,159. EchoStar Co. has a 1 year low of $13.00 and a 1 year high of $32.48. The stock has a market capitalization of $6.17 billion, a P/E ratio of -2.35 and a beta of 0.65. The business's 50-day moving average price is $27.69 and its two-hundred day moving average price is $25.61. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 1.11.

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EchoStar (NASDAQ:SATS - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The communications equipment provider reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $1.87. EchoStar had a negative return on equity of 0.64% and a negative net margin of 15.51%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.93 billion. Analysts predict that EchoStar Co. will post -1.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SATS shares. UBS Group increased their price objective on EchoStar from $15.00 to $28.00 and gave the stock a "neutral" rating in a report on Monday, January 13th. Morgan Stanley began coverage on shares of EchoStar in a research note on Monday, December 16th. They issued an "equal weight" rating and a $25.00 price target for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $23.75.

EchoStar Profile

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.