Telesat Corporation $TSAT Shares Sold by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL cut its position in shares of Telesat Corporation (NASDAQ:TSAT) by 3.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,769,149 shares of the company’s stock after selling 62,544 shares during the quarter. Telesat makes up 0.6% of Gamco Investors INC. ET AL’s investment portfolio, making the stock its 28th largest position. Gamco Investors INC. ET AL owned about 11.92% of Telesat worth $64,043,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TSAT. PenderFund Capital Management Ltd. boosted its position in Telesat by 307.3% during the third quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock worth $10,512,000 after acquiring an additional 309,153 shares during the last quarter. Senvest Management LLC boosted its holdings in shares of Telesat by 261.5% during the fourth quarter. Senvest Management LLC now owns 134,668 shares of the company’s stock worth $3,919,000 after purchasing an additional 97,411 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Telesat by 245.4% during the fourth quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock worth $3,739,000 after purchasing an additional 91,272 shares during the last quarter. Polar Asset Management Partners Inc. grew its position in shares of Telesat by 83.0% in the third quarter. Polar Asset Management Partners Inc. now owns 105,225 shares of the company’s stock valued at $2,779,000 after purchasing an additional 47,725 shares during the period. Finally, Bank of Montreal Can purchased a new stake in shares of Telesat in the fourth quarter valued at $1,246,000.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. New Street Research assumed coverage on Telesat in a research report on Wednesday, May 13th. They set a “sell” rating and a $30.00 target price on the stock. Wall Street Zen cut Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Zacks Research downgraded shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Scotiabank initiated coverage on shares of Telesat in a report on Monday, July 13th. They set a “hold” rating on the stock. Finally, Stifel Nicolaus began coverage on shares of Telesat in a research report on Thursday, July 16th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Telesat has a consensus rating of “Reduce” and a consensus target price of $33.50.

Telesat Trading Down 4.9%

TSAT stock opened at $37.47 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.77. The company has a market cap of $556.05 million, a price-to-earnings ratio of -4.15 and a beta of 2.03. The business has a fifty day simple moving average of $46.00 and a 200-day simple moving average of $40.38. Telesat Corporation has a 52 week low of $19.59 and a 52 week high of $59.12.

Telesat (NASDAQ:TSAT) last issued its earnings results on Tuesday, May 5th. The company reported ($2.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($1.54). Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. The firm had revenue of $62.62 million during the quarter, compared to analyst estimates of $62.03 million. On average, equities research analysts expect that Telesat Corporation will post -4.01 EPS for the current 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.