Man Group plc Cuts Stake in MDA Space Ltd. $MDA

Man Group plc trimmed its stake in MDA Space Ltd. (NYSE:MDA) by 79.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,999 shares of the company’s stock after selling 189,025 shares during the quarter. Man Group plc’s holdings in MDA Space were worth $2,024,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SCS Capital Management LLC purchased a new stake in shares of MDA Space during the 2nd quarter worth approximately $1,003,000. Deutsche Bank AG lifted its stake in MDA Space by 85.9% in the second quarter. Deutsche Bank AG now owns 54,516 shares of the company’s stock valued at $2,250,000 after purchasing an additional 25,197 shares during the last quarter. Cibc World Market Inc. lifted its stake in MDA Space by 15.0% in the second quarter. Cibc World Market Inc. now owns 201,121 shares of the company’s stock valued at $8,303,000 after purchasing an additional 26,193 shares during the last quarter. BlackRock Inc. purchased a new position in MDA Space in the second quarter valued at approximately $4,931,000. Finally, Legal & General Group Plc grew its holdings in MDA Space by 10.7% during the second quarter. Legal & General Group Plc now owns 133,893 shares of the company’s stock valued at $5,530,000 after purchasing an additional 12,889 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MDA. Weiss Ratings downgraded MDA Space from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 18th. Jefferies Financial Group reaffirmed a “buy” rating and set a $49.00 price target on shares of MDA Space in a research report on Tuesday, August 11th. ATB Cormark Capital Markets downgraded MDA Space from a “moderate buy” rating to a “hold” rating in a research note on Friday, May 29th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $41.00 price objective on shares of MDA Space in a report on Monday, August 10th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of MDA Space in a research note 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.00.

MDA Space Trading Down 1.7%

MDA Space stock opened at $28.41 on Wednesday. The firm has a 50 day simple moving average of $33.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.72. MDA Space Ltd. has a 1-year low of $23.23 and a 1-year high of $49.37. The stock has a market cap of $4.61 billion and a price-to-earnings ratio of 52.61.

MDA Space (NYSE:MDA) last posted its earnings results on Friday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. MDA Space had a return on equity of 9.42% and a net margin of 5.68%.The firm had revenue of $360.18 million for the quarter, compared to the consensus estimate of $321.87 million. On average, equities research analysts forecast that MDA Space Ltd. will post 0.95 EPS for the current year.

MDA Space Company 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.