Millennium Management LLC Takes Position in Telesat Corp (NASDAQ:TSAT)

Millennium Management LLC purchased a new stake in shares of Telesat Corp (NASDAQ:TSAT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 22,358 shares of the company's stock, valued at approximately $368,000. Millennium Management LLC owned about 0.16% of Telesat as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Telesat by 1,395.5% in the 4th quarter. JPMorgan Chase & Co. now owns 2,632 shares of the company's stock worth $43,000 after purchasing an additional 2,456 shares in the last quarter. Bank of America Corp DE raised its position in Telesat by 13.7% in the 4th quarter. Bank of America Corp DE now owns 7,360 shares of the company's stock worth $121,000 after buying an additional 889 shares during the last quarter. Trexquant Investment LP purchased a new stake in shares of Telesat during the 4th quarter valued at about $223,000. Aristeia Capital L.L.C. bought a new stake in shares of Telesat in the fourth quarter worth approximately $649,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. grew its stake in shares of Telesat by 12.2% in the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 100,611 shares of the company's stock worth $1,654,000 after acquiring an additional 10,900 shares during the period.

Telesat Stock Performance

Telesat stock traded down $0.62 during midday trading on Thursday, reaching $17.51. 8,326 shares of the company traded hands, compared to its average volume of 58,611. Telesat Corp has a 12 month low of $7.21 and a 12 month high of $25.38. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.36 and a quick ratio of 4.36. The business has a 50 day moving average of $16.50 and a two-hundred day moving average of $17.47. The firm has a market capitalization of $238.85 million, a price-to-earnings ratio of 7.21 and a beta of 1.98.

Telesat (NASDAQ:TSAT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $1.09. The business had revenue of $81.12 million during the quarter, compared to analyst estimates of $106.67 million. Telesat had a net margin of 7.99% and a negative return on equity of 3.16%.

About Telesat

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.