Heard Capital LLC reduced its position in shares of Telesat Corporation (NASDAQ:TSAT – Free Report) by 16.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,227,343 shares of the company’s stock after selling 244,992 shares during the quarter. Telesat comprises 1.7% of Heard Capital LLC’s portfolio, making the stock its 14th largest holding. Heard Capital LLC owned about 0.09% of Telesat worth $35,716,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its stake in Telesat by 1,335.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock valued at $101,000 after purchasing an additional 3,552 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Telesat by 63.3% during the 1st quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock valued at $119,000 after purchasing an additional 2,473 shares in the last quarter. Quarry LP bought a new position in Telesat during the 3rd quarter valued at $212,000. JPMorgan Chase & Co. lifted its position in shares of Telesat by 189.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,932 shares of the company’s stock valued at $422,000 after acquiring an additional 10,428 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Telesat during the 2nd quarter valued at $449,000.
Analyst Ratings Changes
A number of equities research analysts have recently commented on TSAT shares. Wall Street Zen downgraded Telesat from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 25th. Zacks Research downgraded Telesat from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. New Street Research started coverage on Telesat in a research report on Wednesday, May 13th. They set a “sell” rating and a $30.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research report on Thursday, March 19th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $33.50.
Telesat Price Performance
Shares of NASDAQ:TSAT opened at $44.80 on Wednesday. Telesat Corporation has a one year low of $17.28 and a one year high of $59.12. The stock has a fifty day moving average of $49.49 and a 200-day moving average of $37.83. The company has a market capitalization of $664.83 million, a PE ratio of -4.97 and a beta of 2.01. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.25 and a current ratio of 0.25.
Telesat (NASDAQ:TSAT – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($2.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($1.54). The company had revenue of $62.59 million for the quarter, compared to analyst estimates of $62.03 million. Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. As a group, equities analysts anticipate that Telesat Corporation will post -3.73 EPS for the current fiscal year.
Telesat Company Profile
Telesat is a leading global satellite operator that designs, builds and delivers high-performance satellite communications solutions across multiple markets. The company operates a fleet of geostationary satellites to provide video distribution, data networking and managed broadband services to media companies, network operators, governments and enterprise customers. Telesat’s infrastructure supports television distribution, cellular backhaul, rural broadband and corporate network applications.
In addition to its geostationary offerings, Telesat is developing a low Earth orbit (LEO) satellite constellation known as Lightspeed.
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