GABELLI & Co INVESTMENT ADVISERS INC. Sells 26,550 Shares of 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. lessened its holdings in shares of Telesat Corporation (NASDAQ:TSAT - Free Report) by 26.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 about 0.54% of Telesat worth $1,395,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. LM Asset IM Inc. purchased a new position in shares of Telesat during the 4th quarter worth approximately $13,290,000. Vestcor Inc purchased a new position in shares of Telesat during the 1st quarter worth approximately $2,354,000. Squarepoint Ops LLC purchased a new position in shares of Telesat during the 4th quarter worth approximately $552,000. Aristeia Capital L.L.C. purchased a new position in shares of Telesat during the 4th quarter worth approximately $649,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Telesat by 1,395.5% during the 4th quarter. JPMorgan Chase & Co. now owns 2,632 shares of the company's stock worth $43,000 after acquiring an additional 2,456 shares during the period.

Telesat Stock Up 4.1%

Shares of TSAT stock traded up $0.82 during midday trading on Thursday, reaching $20.94. 54,072 shares of the stock were exchanged, compared to its average volume of 96,811. Telesat Corporation has a 1 year low of $9.86 and a 1 year high of $29.91. The company's 50 day moving average is $23.99 and its two-hundred day moving average is $20.07. The company has a current ratio of 5.08, a quick ratio of 5.08 and a debt-to-equity ratio of 1.69. The firm has a market cap of $285.62 million, a PE ratio of -3.98 and a beta of 2.16.

Telesat (NASDAQ:TSAT - Get Free Report) last posted its 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 return on equity of 3.54% and a negative net margin of 20.74%.The firm had revenue of $77.94 million for the quarter, compared to the consensus estimate of $109.64 million.

Telesat 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.