PenderFund Capital Management Ltd. Sells 252,644 Shares of MDA Space Ltd. $MDA

PenderFund Capital Management Ltd. lowered its holdings in shares of MDA Space Ltd. (NYSE:MDA) by 57.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 183,588 shares of the company’s stock after selling 252,644 shares during the period. MDA Space makes up about 1.0% of PenderFund Capital Management Ltd.’s holdings, making the stock its 24th biggest position. PenderFund Capital Management Ltd. owned 0.11% of MDA Space worth $7,586,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Caisse de depot et placement du Quebec increased its holdings in MDA Space by 13.7% in the second quarter. Caisse de depot et placement du Quebec now owns 785,799 shares of the company’s stock worth $32,457,000 after purchasing an additional 94,799 shares in the last quarter. Cibc World Market Inc. boosted its holdings in shares of MDA Space by 15.0% during the 2nd quarter. Cibc World Market Inc. now owns 201,121 shares of the company’s stock worth $8,303,000 after buying an additional 26,193 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of MDA Space by 10.7% during the 2nd quarter. Legal & General Group Plc now owns 133,893 shares of the company’s stock worth $5,530,000 after buying an additional 12,889 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of MDA Space by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 124,010 shares of the company’s stock worth $5,114,000 after buying an additional 10,316 shares during the period. Finally, BlackRock Inc. bought a new stake in shares of MDA Space in the 2nd quarter valued at $4,931,000.

MDA Space Trading Up 2.8%

Shares of MDA stock opened at $30.40 on Friday. The company has a market cap of $4.93 billion and a price-to-earnings ratio of 56.30. The company’s fifty day simple moving average is $34.12. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. MDA Space Ltd. has a 12 month low of $23.23 and a 12 month high of $49.37.

MDA Space (NYSE:MDA) last released its quarterly earnings data on Friday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $321.87 million. On average, equities analysts predict that MDA Space Ltd. will post 0.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Weiss Ratings downgraded shares of MDA Space from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 18th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of MDA Space in a report on Monday, June 22nd. JPMorgan Chase & Co. lifted their price target on shares of MDA Space from $43.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $41.00 price objective on shares of MDA Space in a report on Monday, August 10th. Finally, Scotiabank restated an “outperform” rating on shares of MDA Space in a research note on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.