Gamco Investors INC. ET AL Cuts Stock Position in Telesat Corporation $TSAT

Gamco Investors INC. ET AL decreased its holdings in shares of Telesat Corporation (NASDAQ:TSAT) by 3.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,769,149 shares of the company’s stock after selling 62,544 shares during the quarter. Telesat comprises approximately 0.6% of Gamco Investors INC. ET AL’s holdings, making the stock its 28th biggest holding. Gamco Investors INC. ET AL owned approximately 0.12% of Telesat worth $64,043,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. PenderFund Capital Management Ltd. increased its holdings in Telesat by 307.3% in the 3rd quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock valued at $10,512,000 after purchasing an additional 309,153 shares in the last quarter. Senvest Management LLC raised its position in Telesat by 261.5% in the fourth quarter. Senvest Management LLC now owns 134,668 shares of the company’s stock valued at $3,919,000 after purchasing an additional 97,411 shares during the period. Millennium Management LLC lifted its stake 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 in the last quarter. Polar Asset Management Partners Inc. lifted its stake in shares of Telesat by 83.0% during the third 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 in the last quarter. Finally, Bank of Montreal Can purchased a new stake in shares of Telesat in the fourth quarter worth about $1,246,000.

Telesat Trading Down 4.9%

NASDAQ:TSAT opened at $37.47 on Friday. The stock has a market cap of $556.05 million, a price-to-earnings ratio of -4.15 and a beta of 2.03. Telesat Corporation has a one year low of $19.59 and a one year high of $59.12. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.25 and a current ratio of 0.25. The business’s 50-day simple moving average is $46.00 and its 200 day simple moving average is $40.38.

Telesat (NASDAQ:TSAT) last issued its quarterly earnings data 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 business had revenue of $62.62 million for the quarter, compared to analyst estimates of $62.03 million. As a group, sell-side analysts predict that Telesat Corporation will post -4.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on TSAT shares. Weiss Ratings restated a “sell (d-)” rating on shares of Telesat in a report on Thursday, June 18th. Stifel Nicolaus assumed coverage on shares of Telesat in a research note on Thursday, July 16th. They set a “buy” rating on the stock. Scotiabank began coverage on shares of Telesat in a research report on Monday, July 13th. They set a “hold” rating on the stock. New Street Research initiated coverage on shares of Telesat in a research note on Wednesday, May 13th. They issued a “sell” rating and a $30.00 target price for the company. Finally, Wall Street Zen lowered shares of Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. 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. Based on data from MarketBeat, Telesat has a consensus rating of “Reduce” and an average target price of $33.50.

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.