Telesat Corporation $TSAT Stock: Van Berkom & Associates Inc. Cuts Position

Key Points

• Van Berkom & Associates cut its Telesat stake by 36.4% in the third quarter, selling 28,146 shares and ending the period with 49,236 shares valued at about $2.28 million.
• Analyst views are mixed: four rate the stock Buy, three Hold and two Sell, giving Telesat an average rating of Hold and an average price target of $33.50.
• Telesat reported quarterly adjusted earnings per share of -$7.85, substantially below the -$0.71 consensus estimate, while revenue of $57.3 million topped expectations of $56.11 million.

Van Berkom & Associates Inc. trimmed its stake in Telesat Corporation (NASDAQ:TSAT - Free Report) by 36.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,236 shares of the company's stock after selling 28,146 shares during the period. Van Berkom & Associates Inc. owned 0.32% of Telesat worth $2,276,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. State of Alaska Department of Revenue purchased a new position in Telesat in the third quarter valued at about $34,000. Allied Private Wealth LLC bought a new position in Telesat in the second quarter worth about $51,000. Royal Bank of Canada raised its holdings in Telesat by 100.2% in the first quarter. Royal Bank of Canada now owns 5,850 shares of the company's stock worth $212,000 after purchasing an additional 2,928 shares in the last quarter. Militia Capital Management LLC purchased a new stake in shares of Telesat during the first quarter valued at about $560,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Telesat during the second quarter valued at about $591,000.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TSAT. Desjardins began coverage on shares of Telesat in a report on Wednesday, November 4th. They issued a "buy" rating on the stock. Royal Bank Of Canada began coverage on shares of Telesat in a research note on Thursday, August 27th. They set a "moderate buy" rating for the company. Scotiabank assumed coverage on shares of Telesat in a research report on Monday, July 13th. They set a "hold" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Telesat in a research report on Monday, September 14th. Finally, Stifel Nicolaus began coverage on shares of Telesat in a research note on Thursday, July 16th. They issued a "buy" rating for the company. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $33.50.

Telesat Stock Performance

Shares of Telesat stock opened at $45.30 on Tuesday. The firm has a market capitalization of $689.47 million, a P/E ratio of -2.47 and a beta of 2.12. 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 50 day moving average price of $45.26 and a 200 day moving average price of $42.87. Telesat Corporation has a 52 week low of $23.01 and a 52 week high of $61.54.

Telesat (NASDAQ:TSAT - Get Free Report) last released 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). The company had revenue of $57.30 million for the quarter, compared to analysts' expectations of $56.11 million. Telesat had a negative return on equity of 14.92% and a negative net margin of 112.44%. Sell-side analysts expect that Telesat Corporation will post -13.31 EPS for the current year.

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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