GABELLI & Co INVESTMENT ADVISERS INC. Reduces Holdings in Telesat Corporation $TSAT

Key Points

• GABELLI & Co INVESTMENT ADVISERS INC. has reduced its stake in Telesat Corporation by 26.4%, now owning approximately $1.40 million worth of shares after selling 26,550 shares during the first quarter.
• Telesat's stock opened at $20.59 with a market capitalization of $280.85 million, showing a 52-week low of $9.85 and a high of $29.91.
• In its recent earnings report, Telesat exceeded expectations by reporting $1.00 earnings per share, despite a revenue of $77.94 million falling below analyst projections.

GABELLI & Co INVESTMENT ADVISERS INC. lowered its stake in shares of Telesat Corporation (NASDAQ:TSAT - Free Report) by 26.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,061 shares of the company's stock after selling 26,550 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. owned approximately 0.54% of Telesat worth $1,395,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. LM Asset IM Inc. purchased a new position in Telesat during the fourth quarter worth approximately $13,290,000. Vestcor Inc purchased a new position in Telesat during the first quarter worth approximately $2,354,000. Squarepoint Ops LLC purchased a new position in Telesat during the fourth quarter worth approximately $552,000. Aristeia Capital L.L.C. purchased a new position in Telesat during the fourth quarter worth approximately $649,000. Finally, JPMorgan Chase & Co. raised its stake in Telesat by 1,395.5% during the fourth quarter. JPMorgan Chase & Co. now owns 2,632 shares of the company's stock worth $43,000 after purchasing an additional 2,456 shares during the period.

Telesat Trading Down 1.0%

NASDAQ:TSAT traded down $0.21 during trading hours on Friday, reaching $20.73. 45,488 shares of the company were exchanged, compared to its average volume of 96,518. The company has a debt-to-equity ratio of 1.69, a current ratio of 5.08 and a quick ratio of 5.08. The firm has a market cap of $282.76 million, a price-to-earnings ratio of -3.94 and a beta of 2.16. Telesat Corporation has a 52-week low of $9.86 and a 52-week high of $29.91. The stock has a 50 day simple moving average of $23.95 and a 200 day simple moving average of $20.05.

Telesat (NASDAQ:TSAT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $1.69. Telesat had a negative net margin of 20.74% and a negative return on equity of 3.54%. The company had revenue of $77.94 million for the quarter, compared to the consensus estimate of $109.64 million.

Telesat Company Profile

Telesat Corporation, a satellite operator, provides mission-critical communications solutions to broadcast, enterprise, and consulting customers worldwide. The company's satellite-based services allow direct-to-home (DTH) service providers to deliver television programming, audio, and information channels directly to customers' homes; and enables broadcasters, cable networks, and DTH service providers to transmit television programming services.