DISH Network (DISH) Debt Trading 2.4% Lower Earnings

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An issue of DISH Network Corp (NASDAQ:DISH) bonds fell 2.4% against their face value during trading on Wednesday following a dissappointing earnings announcement. The high-yield issue of debt has a 7.75% coupon and is set to mature on July 1, 2026. The debt is now trading at $83.35. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price. The company reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.03). The company had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.27 billion. DISH Network had a return on equity of 20.26% and a net margin of 19.01%. The company’s revenue was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share.

Several brokerages have recently weighed in on DISH. Zacks Investment Research lowered shares of DISH Network from a “buy” rating to a “hold” rating in a report on Friday, January 11th. Royal Bank of Canada set a $40.00 price target on shares of DISH Network and gave the company a “hold” rating in a report on Monday, November 19th. Pivotal Research restated a “buy” rating and issued a $37.00 price target on shares of DISH Network in a report on Wednesday. BidaskClub upgraded shares of DISH Network from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Finally, JPMorgan Chase & Co. cut their price target on shares of DISH Network to $40.00 and set an “overweight” rating on the stock in a report on Thursday, November 8th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $39.07.

In other DISH Network news, insider James Defranco purchased 5,000 shares of the business’s stock in a transaction that occurred on Monday, February 11th. The shares were purchased at an average price of $31.67 per share, for a total transaction of $158,350.00. Following the completion of the acquisition, the insider now owns 1,503,529 shares of the company’s stock, valued at approximately $47,616,763.43. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 205,000 shares of company stock worth $5,886,250 in the last 90 days. 49.20% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of DISH. Dodge & Cox grew its position in DISH Network by 13.9% in the third quarter. Dodge & Cox now owns 18,756,046 shares of the company’s stock valued at $670,716,000 after acquiring an additional 2,291,800 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in DISH Network by 6,612.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,666,423 shares of the company’s stock valued at $67,000 after acquiring an additional 1,641,598 shares in the last quarter. Dimensional Fund Advisors LP grew its position in DISH Network by 146.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,701,900 shares of the company’s stock valued at $42,499,000 after acquiring an additional 1,010,741 shares in the last quarter. Standard Life Aberdeen plc grew its position in DISH Network by 258.8% in the fourth quarter. Standard Life Aberdeen plc now owns 411,812 shares of the company’s stock valued at $10,041,000 after acquiring an additional 297,043 shares in the last quarter. Finally, Vanguard Group Inc grew its position in DISH Network by 1.4% in the third quarter. Vanguard Group Inc now owns 18,882,286 shares of the company’s stock valued at $675,230,000 after acquiring an additional 268,390 shares in the last quarter. 48.84% of the stock is owned by institutional investors.

The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 1.67. The stock has a market cap of $14.75 billion, a PE ratio of 11.36 and a beta of 1.57.

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About DISH Network (NASDAQ:DISH)

DISH Network Corporation, together with its subsidiaries, provides pay-TV services in the United States. The company operates in two segments, Pay-TV and Wireless. It offers video services under the DISH TV brand; and programming packages that include programming through national broadcast networks, local broadcast networks, and national and regional cable networks, as well as regional and specialty sports channels, premium movie channels, and Latino and international programming packages.

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