Hedge Funds Are Buying Echostar Corporation (SATS)

Echostar Corporation (NASDAQ:SATS) shareholders have witnessed an increase in support from the world’s most elite money managers lately. SATS was in 31 hedge funds’ portfolio at the end of the third quarter of 2013. There were 28 hedge funds in Insider Monkey’s database with SATS holdings at the end of the previous quarter.

Echostar Corporation (NASDAQ:SATS)

According to 4-traders, “Hughes Network Systems, LLC…the world’s leading provider of broadband satellite networks and services today announced the signing of a multi-year contract with Joint-Stock Company Iskra Research & Development…one of the largest VSAT operators in Russia.”

With all of this in mind, let’s take a gander at the key action regarding Echostar Corporation (NASDAQ:SATS).

Hedge fund activity in Echostar Corporation (NASDAQ:SATS)

At Q3′s end, a total of 31 of the hedge funds Insider Monkey tracks held long positions in this stock, a change of 11 percent from the second quarter. With hedgies’ capital changing hands, there exists a select group of notable hedge fund managers who were increasing their holdings significantly.

When looking at the hedgies followed by Insider Monkey, Kensico Capital, managed by Michael Lowenstein, holds the largest position in Echostar Corporation (NASDAQ:SATS). Kensico Capital has a $91.1 million position in the stock, comprising 2.3 percent of its 13F portfolio. The second largest stake is held by Horizon Asset Management, led by Murray Stahl, holding a $74 million position; 1 percent of its 13F portfolio is allocated to the stock. Other hedge funds that are bullish contain Jim Simons’s Renaissance Technologies, Michael Doheny’s Freshford Capital Management and Glenn Russell Dubin’s Highbridge Capital Management.

Consequently, some big names have been driving this bullishness. ACK Asset Management, managed by Richard S. Meisenberg, created the biggest position in Echostar Corporation (NASDAQ:SATS). ACK Asset Management had 4.4 million invested in the company at the end of the quarter. Carl Tiedemann and Michael Tiedemann’s TIG Advisors also initiated a $4.3 million position during the quarter. The other funds with new positions in the stock are Sean Cullinan’s Point State Capital, SAC Subsidiary’s Sigma Capital Management, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

What do corporate executives and insiders think about Echostar Corporation (NASDAQ:SATS)?

Insider purchases made by high-level executives is most useful when the company in question has experienced transactions within the past 180 days. Over the latest 180-day time period, Echostar Corporation (NASDAQ:SATS) has seen zero unique insiders purchasing, and four insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Echostar Corporation (NASDAQ:SATS). These stocks are Exelis Inc (NYSE:XLS), ViaSat, Inc. (NASDAQ:VSAT), Harris Corporation (NYSE:HRS), Alcatel Lucent SA (ADR) (NYSE:ALU), and JDS Uniphase Corp (NASDAQ:JDSU). This group of stocks belong to the communication equipment industry and their market caps are closest to SATS’s market cap.

Company Name # of Hedge Funds # of Insiders Buying # of Insiders Selling
Exelis Inc (NYSE:XLS) 27 1 2
ViaSat, Inc. (NASDAQ:VSAT) 17 1 10
Harris Corporation (NYSE:HRS) 23 0 6
Alcatel Lucent SA (ADR) (NYSE:ALU) 28 0 0
JDS Uniphase Corp (NASDAQ:JDSU) 31 0 9

Echostar Corporation was the most widely held communication equipment industry stock at the end of the third quarter among the hedge funds Insider Monkey tracks.



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