Vestcor Inc Increases Stake in Telesat Corporation $TSAT

Vestcor Inc boosted its position in shares of Telesat Corporation (NASDAQ:TSAT) by 14.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 200,000 shares of the company’s stock after purchasing an additional 25,000 shares during the quarter. Vestcor Inc owned about 1.41% of Telesat worth $5,820,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets grew its position 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 during the last quarter. Acadian Asset Management LLC grew its position 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 during the last quarter. Quarry LP purchased a new stake in Telesat during the 3rd quarter valued at about $212,000. JPMorgan Chase & Co. grew its position in 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 purchasing an additional 10,428 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in Telesat during the 2nd quarter valued at about $449,000.

Telesat Price Performance

TSAT opened at $44.56 on Friday. 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 stock has a market capitalization of $661.27 million, a P/E ratio of -4.94 and a beta of 2.01. The company’s 50-day simple moving average is $48.23 and its two-hundred day simple moving average is $36.68. Telesat Corporation has a 52-week low of $15.89 and a 52-week high of $59.12.

Telesat (NASDAQ:TSAT) last posted its earnings results on Tuesday, May 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($1.54). The company had revenue of $62.59 million for the quarter, compared to the consensus estimate 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, analysts predict that Telesat Corporation will post -3.73 EPS for the current year.

Wall Street Analyst Weigh In

TSAT has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research report on Thursday, March 19th. Wall Street Zen cut shares of Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Zacks Research cut shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Finally, New Street Research initiated coverage on shares of Telesat in a research note on Wednesday, May 13th. They set a “sell” rating and a $30.00 target price on the stock. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Telesat presently has an average 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.