TD Waterhouse Canada Inc. Makes New Investment in MDA Space Ltd. $MDA

Key Points

• TD Waterhouse Canada acquired 719,533 shares of MDA Space worth approximately $28.4 million, representing about 0.44% of the company.
• Several major institutions also increased or initiated positions, including Van ECK Associates with a new stake valued at about $135.8 million and Caisse de dépôt et placement du Québec, which raised its holdings by 13.7%.
• MDA Space exceeded quarterly earnings and revenue expectations, reporting $0.26 in EPS and $360.2 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average $50 price target, versus a recent share price of $29.52.

TD Waterhouse Canada Inc. bought a new position in shares of MDA Space Ltd. (NYSE:MDA - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 719,533 shares of the company's stock, valued at approximately $28,441,000. TD Waterhouse Canada Inc. owned about 0.44% of MDA Space at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Van ECK Associates Corp purchased a new position in MDA Space in the 2nd quarter worth about $135,771,000. BlackRock Inc. purchased a new stake in MDA Space in the 2nd quarter valued at about $4,931,000. Caisse de depot et placement du Quebec boosted its position in MDA Space by 13.7% in the 2nd quarter. Caisse de depot et placement du Quebec now owns 785,799 shares of the company's stock valued at $32,457,000 after buying an additional 94,799 shares during the period. Cibc World Market Inc. grew its stake in MDA Space by 15.0% in the 2nd quarter. Cibc World Market Inc. now owns 201,121 shares of the company's stock worth $8,303,000 after acquiring an additional 26,193 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in MDA Space by 85.9% in the 2nd quarter. Deutsche Bank AG now owns 54,516 shares of the company's stock worth $2,250,000 after acquiring an additional 25,197 shares in the last quarter.

MDA Space Stock Performance

NYSE MDA opened at $29.52 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The stock has a market cap of $4.79 billion and a P/E ratio of 54.67. The firm's 50-day simple moving average is $33.03. MDA Space Ltd. has a one year low of $23.23 and a one year high of $49.37.

MDA Space (NYSE:MDA - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. MDA Space had a net margin of 5.68% and a return on equity of 9.42%. The firm had revenue of $360.18 million during the quarter, compared to analysts' expectations of $321.87 million. Equities analysts expect that MDA Space Ltd. will post 0.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

MDA has been the subject of several research analyst reports. Weiss Ratings downgraded shares of MDA Space from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 18th. Royal Bank Of Canada reissued an "outperform" rating and issued a $60.00 price objective on shares of MDA Space in a research note on Monday, August 17th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $41.00 price objective on shares of MDA Space in a report on Monday, August 10th. JPMorgan Chase & Co. lifted their target price on MDA Space from $43.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of MDA Space in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $50.00.

MDA Space Profile

MDA Space Ltd is a developer and manufacturer of technology and services to the space industry. It is an international space mission partner and robotics, satellite systems, and geo-intelligence pioneer. It is engaged in communications satellites, Earth and space observation, space exploration, and infrastructure. The Company collaborates and partners with governments and space agencies, commercial space companies, and defence and aerospace prime contractors in the space industry. Geographically, it generates the majority of its revenue from Canada.

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