Telesat Corporation $TSAT Shares Sold by CenterBook Partners LP

Key Points

• CenterBook Partners cut its Telesat stake by 37% in the third quarter, selling 26,423 shares; it retained 45,077 shares valued at about $2.08 million.
• Telesat reported a quarterly loss of $7.85 per share, far worse than the $0.71 loss analysts expected, although revenue of $57.3 million slightly exceeded forecasts.
• Analyst views are mixed, but the stock has a consensus Hold rating and a $33.50 target price; four analysts rate it Buy, three Hold, and two Sell.

CenterBook Partners LP lowered its position in shares of Telesat Corporation (NASDAQ:TSAT - Free Report) by 37.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,077 shares of the company's stock after selling 26,423 shares during the period. CenterBook Partners LP owned about 0.30% of Telesat worth $2,080,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. TD Waterhouse Canada Inc. boosted its position in shares of Telesat by 18.0% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 63,361 shares of the company's stock valued at $2,938,000 after purchasing an additional 9,653 shares during the period. State of Alaska Department of Revenue purchased a new position in Telesat during the 3rd quarter worth approximately $34,000. Engineers Gate Manager LP purchased a new position in Telesat during the 2nd quarter worth approximately $591,000. Allied Private Wealth LLC acquired a new position in Telesat during the second quarter worth approximately $51,000. Finally, Militia Capital Management LLC acquired a new position in Telesat during the first quarter worth approximately $560,000.

Telesat Price Performance

TSAT opened at $41.79 on Monday. Telesat Corporation has a 52 week low of $23.01 and a 52 week high of $61.54. The business has a 50 day moving average price of $45.21 and a two-hundred day moving average price of $42.78. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 1.26. The company has a market cap of $636.04 million, a PE ratio of -2.27 and a beta of 2.12.

Telesat (NASDAQ:TSAT - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($7.85) earnings per share for the quarter, missing the consensus estimate of ($0.71) by ($7.14). Telesat had a negative net margin of 112.44% and a negative return on equity of 14.92%. The company had revenue of $57.30 million during the quarter, compared to analysts' expectations of $56.11 million. As a group, research analysts anticipate that Telesat Corporation will post -13.31 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TSAT shares. Scotiabank began coverage on Telesat in a report on Monday, July 13th. They issued a "hold" rating for the company. Wall Street Zen upgraded shares of Telesat from a "strong sell" rating to a "sell" rating in a research report on Saturday, October 31st. Desjardins started coverage on shares of Telesat in a report on Wednesday, November 4th. They issued a "buy" rating on the stock. Zacks Research raised shares of Telesat from a "strong sell" rating to a "hold" rating in a report on Monday, October 19th. Finally, Canadian Imperial Bank of Commerce assumed coverage on shares of Telesat in a research report on Sunday, October 25th. They issued a "sector outperform" rating for the company. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Telesat currently has a consensus rating of "Hold" and a consensus target price of $33.50.

About Telesat

Telesat is a Canadian satellite communications operator that provides connectivity and related services to telecommunications companies, broadcasters, governments, enterprises and other organizations worldwide. The company operates a fleet of geostationary satellites and delivers satellite capacity for broadband communications, video distribution, enterprise networking, mobility and government applications.

In addition to its geostationary satellite services, Telesat is developing Telesat Lightspeed, a planned low Earth orbit satellite network designed to provide high-speed, low-latency broadband connectivity.

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