TD Waterhouse Canada Inc. Increases Stock Holdings in Telesat Corporation $TSAT

Key Points

• TD Waterhouse Canada increased its Telesat stake by 127.3% in the second quarter, reaching 53,708 shares valued at approximately $2.52 million. Several other institutional investors also initiated or expanded positions.
• Analyst sentiment remains cautious: Telesat has a consensus rating of “Reduce”, with two Buy, two Hold, and three Sell ratings and a consensus price target of $33.50.
• Telesat reported a significant quarterly loss of $7.85 per share, far below the $0.71 loss expected, despite revenue of $57.3 million exceeding estimates. Analysts project a full-year loss of $11.93 per share.

TD Waterhouse Canada Inc. grew its holdings in shares of Telesat Corporation (NASDAQ:TSAT - Free Report) by 127.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,708 shares of the company's stock after purchasing an additional 30,076 shares during the period. TD Waterhouse Canada Inc. owned about 0.36% of Telesat worth $2,516,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Allied Private Wealth LLC purchased a new position in shares of Telesat in the second quarter valued at approximately $51,000. Militia Capital Management LLC purchased a new stake in Telesat during the 1st quarter worth approximately $560,000. Bank of America Corp DE increased its stake in Telesat by 72.5% during the 1st quarter. Bank of America Corp DE now owns 34,794 shares of the company's stock worth $1,260,000 after buying an additional 14,626 shares during the period. Royal Bank of Canada lifted its holdings in Telesat by 100.2% during the 1st quarter. Royal Bank of Canada now owns 5,850 shares of the company's stock worth $212,000 after buying an additional 2,928 shares in the last quarter. Finally, Senvest Management LLC lifted its holdings in Telesat by 2.2% during the 1st quarter. Senvest Management LLC now owns 137,668 shares of the company's stock worth $4,984,000 after buying an additional 3,000 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have commented on TSAT. Royal Bank Of Canada assumed coverage on shares of Telesat in a research report on Thursday, August 27th. They issued a "moderate buy" rating for the company. Stifel Nicolaus began coverage on Telesat in a research report on Thursday, July 16th. They set a "buy" rating on the stock. New Street Research initiated coverage on Telesat in a research note on Wednesday, May 13th. They issued a "sell" rating and a $30.00 price objective on the stock. Zacks Research lowered Telesat from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 19th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Telesat in a research note on Thursday, June 18th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $33.50.

Telesat Stock Performance

Shares of TSAT opened at $44.90 on Tuesday. The company has a market capitalization of $666.32 million, a price-to-earnings ratio of -2.51 and a beta of 2.06. Telesat Corporation has a 52-week low of $20.81 and a 52-week high of $61.54. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.90. The stock has a 50 day moving average price of $44.49 and a 200 day moving average price of $44.07.

Telesat (NASDAQ:TSAT - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($7.85) earnings per share for the quarter, missing analysts' consensus estimates of ($0.71) by ($7.14). The company had revenue of $57.30 million for the quarter, compared to analyst estimates of $56.11 million. Telesat had a negative return on equity of 15.53% and a negative net margin of 102.62%. Research analysts predict that Telesat Corporation will post -11.93 EPS for the current fiscal year.

Telesat 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.

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