Bank of America Corp DE Trims Stock Position in MDA Space Ltd. $MDA

Key Points

• Bank of America cut its MDA Space position by 22.7% in the second quarter, selling 380,230 shares and retaining 1.29 million shares worth approximately $53.45 million, or 0.8% of the company.
• Other institutional investors, including Caisse de dépôt, CIBC World Markets, Legal & General, and Manulife, increased their stakes, while BlackRock initiated a position.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $50 price target. MDA Space recently exceeded quarterly earnings and revenue expectations, reporting $0.26 in EPS and $360.18 million in revenue.

Bank of America Corp DE cut its holdings in shares of MDA Space Ltd. (NYSE:MDA - Free Report) by 22.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,294,823 shares of the company's stock after selling 380,230 shares during the period. Bank of America Corp DE owned about 0.80% of MDA Space worth $53,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in MDA. Caisse de depot et placement du Quebec boosted its stake in shares of MDA Space by 13.7% in the second quarter. Caisse de depot et placement du Quebec now owns 785,799 shares of the company's stock worth $32,457,000 after buying an additional 94,799 shares during the last quarter. Cibc World Market Inc. lifted its holdings in MDA Space by 15.0% in the second quarter. Cibc World Market Inc. now owns 201,121 shares of the company's stock valued at $8,303,000 after acquiring an additional 26,193 shares during the period. Legal & General Group Plc boosted its position in MDA Space by 10.7% in the 2nd quarter. Legal & General Group Plc now owns 133,893 shares of the company's stock worth $5,530,000 after purchasing an additional 12,889 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in MDA Space by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 124,010 shares of the company's stock worth $5,114,000 after purchasing an additional 10,316 shares in the last quarter. Finally, BlackRock Inc. acquired a new stake in shares of MDA Space during the 2nd quarter worth approximately $4,931,000.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $60.00 target price on shares of MDA Space in a research note on Monday, August 17th. Scotiabank restated an "outperform" rating on shares of MDA Space in a research report on Monday, June 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $41.00 price objective on shares of MDA Space in a report on Monday, August 10th. Jefferies Financial Group reiterated a "buy" rating and issued a $49.00 price objective on shares of MDA Space in a research report on Tuesday, August 11th. Finally, Weiss Ratings lowered shares of MDA Space from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.00.

MDA Space Trading Down 0.2%

NYSE:MDA opened at $30.00 on Monday. MDA Space Ltd. has a 12 month low of $23.23 and a 12 month high of $49.37. The business's 50 day moving average price is $31.11. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 0.19. The stock has a market cap of $4.86 billion and a price-to-earnings ratio of 55.56.

MDA Space (NYSE:MDA - Get Free Report) last announced its earnings results on Friday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The business had revenue of $360.18 million during the quarter, compared to analysts' expectations of $321.87 million. MDA Space had a return on equity of 9.42% and a net margin of 5.68%. On average, research analysts forecast that MDA Space Ltd. will post 0.96 earnings per share for the current year.

About MDA Space

MDA Space Ltd. is a Canadian space technology company that develops and delivers robotics, satellite systems and geointelligence solutions for government and commercial customers. The company supports missions in low Earth orbit, lunar space and other operating environments, serving customers in Canada and international markets.

Its robotics business includes robotic arms and related systems used for space exploration and satellite servicing. MDA Space is known for its role in developing Canadarm and Canadarm2, as well as the Dextre robotic manipulator, technologies that have supported the Space Shuttle and International Space Station programs.

The company also designs and manufactures satellite platforms, payloads and communications systems, including technologies used for broadband connectivity and Earth observation.

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