125,000 Shares in Telesat Corporation (NASDAQ:TSAT) Acquired by Vestcor Inc

Key Points

• Vestcor Inc has acquired 125,000 shares of Telesat Corporation, amounting to approximately $2,354,000, representing about 0.92% of the company's total shares.
• In addition to Vestcor, other institutional investors have also recently participated in Telesat's stock, with significant new positions acquired by several funds in the first and fourth quarters.
• Telesat's stock is currently trading at $23.88, with the company reporting an earnings per share (EPS) of $0.53 in its latest quarter, exceeding analysts' expectations.

Vestcor Inc bought a new stake in Telesat Corporation (NASDAQ:TSAT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 125,000 shares of the company's stock, valued at approximately $2,354,000. Vestcor Inc owned 0.92% of Telesat as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in TSAT. JPMorgan Chase & Co. boosted 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 during the period. Bank of America Corp DE raised its position in shares of 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 acquiring an additional 889 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Telesat in the 4th quarter worth $223,000. Millennium Management LLC bought a new position in shares of Telesat in the 4th quarter worth $368,000. Finally, K.J. Harrison & Partners Inc bought a new position in shares of Telesat in the 1st quarter worth $474,000.

Telesat Price Performance

Shares of Telesat stock traded up $0.78 during mid-day trading on Tuesday, reaching $24.56. 33,807 shares of the stock traded hands, compared to its average volume of 93,570. The business has a 50-day moving average of $22.37 and a 200 day moving average of $19.70. Telesat Corporation has a fifty-two week low of $7.21 and a fifty-two week high of $29.91. The stock has a market capitalization of $334.93 million, a PE ratio of -5.49 and a beta of 2.16. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 1.64.

Telesat (NASDAQ:TSAT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of ($0.56) by $1.09. Telesat had a negative return on equity of 6.83% and a negative net margin of 16.09%. The business had revenue of $81.12 million during the quarter, compared to analyst estimates of $106.67 million.

Telesat Company Profile

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.