Vestcor Inc Acquires 25,000 Shares of Telesat Corporation $TSAT

Vestcor Inc lifted its holdings in Telesat Corporation (NASDAQ:TSAT) by 14.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 200,000 shares of the company’s stock after buying an additional 25,000 shares during the period. Vestcor Inc’s holdings in Telesat were worth $5,820,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Gamco Investors INC. ET AL lifted its stake in shares of Telesat by 2.5% in the 4th quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock worth $53,302,000 after purchasing an additional 44,785 shares during the period. K.J. Harrison & Partners Inc lifted its stake in shares of Telesat by 20.7% in the 4th quarter. K.J. Harrison & Partners Inc now owns 70,000 shares of the company’s stock worth $2,021,000 after purchasing an additional 12,000 shares during the period. TD Waterhouse Canada Inc. lifted its stake in shares of Telesat by 30.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 20,882 shares of the company’s stock worth $586,000 after purchasing an additional 4,901 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Telesat by 189.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,932 shares of the company’s stock worth $422,000 after purchasing an additional 10,428 shares during the period. Finally, Polar Asset Management Partners Inc. lifted its stake in shares of Telesat by 83.0% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 105,225 shares of the company’s stock worth $2,779,000 after purchasing an additional 47,725 shares during the period.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TSAT. Wall Street Zen cut shares of Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. New Street Research started coverage on shares of Telesat in a research note on Wednesday, May 13th. They issued a “sell” rating and a $30.00 price objective on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a research note on Thursday, March 19th. Finally, Zacks Research cut shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Telesat presently has an average rating of “Reduce” and an average price target of $33.50.

Telesat Price Performance

NASDAQ TSAT opened at $44.56 on Friday. Telesat Corporation has a 12 month low of $15.89 and a 12 month high of $59.12. The stock has a market cap of $661.27 million, a price-to-earnings ratio of -4.94 and a beta of 2.01. The company’s 50 day moving average is $48.23 and its two-hundred day moving average is $36.68. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.77.

Telesat (NASDAQ:TSAT) last released its earnings results on Tuesday, May 5th. The company reported ($2.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($1.54). Telesat had a negative return on equity of 4.02% and a negative net margin of 47.57%.The firm had revenue of $62.59 million for the quarter, compared to the consensus estimate of $62.03 million. As a group, research analysts anticipate that Telesat Corporation will post -3.73 earnings per share for the current year.

About Telesat

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.