Glenn Dubin’s Highbridge Capital Management LLC has acquired additional shares of Echostar Corp. (NASDAQ:SATS), to bring its stake in the telecommunications equipment manufacturer to 5.15% of the shares floated, according to an SEC form 13G filed today.
The Hedge fund, based in New York, was founded in 1992, and currently has nearly $30 billion of AUM. Highbridge Capital Management held 4.05%, as of June 30th 2012, and its additional stake in the company put it in the second position, in terms of shareholding in the company, behind Putnam Investments management in the institutional investors category. Highbridge now holds 2,037,845 shares of Echostar.
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Echostar Corporation (NASDAQ:SATS) has 87.22 million shares outstanding, with 39.30 floated, and market capitalization of $2.59 billion, while its enterprise value stands at $3.51 billion. The communications equipment maker has a profit margin of 3.99%, and an operating margin of 4.05%, for the trailing twelve months. Revenues for the same period stand at $3.27 billion, or $37.68 per share, which represents a quarterly growth rate of 38% yoy, while earnings are 93% up yoy.
It held cash reserves of $1.59 billion for the most recent quarter, or 18.28 cash per share, while operating cash flow stood at $518 million for the same period. Echostar Corporation (NASDAQ:SATS) holds a trailing P/E ratio of 20 times, as compared to the industry rate of 13.83 times, while the forward figure is estimated to more than double by December 31st, 2013, to 43.74 times.
Highbridge Capital management and its partner companies will have voting, and disposition rights, equivalent to 2,037,845 shares it now holds, following the acquisition of the additional stake.
At the time of this writing, Echostar Corporation (NASDAQ:SATS) stock was trading at $29.78 per share, up $0.25, or 0.75% rise from yesterday’s close.