Leon Cooperman (Trades, Portfolio) made a slight increase to his Loral Space & Communications Inc. (LORL, Financial) stake on June 25, Real Time Picks reported Thursday.
Cooperman increased the position 9.2% to 1,116,567 shares, or 5.21% ownership of the company. Having started the position in the second quarter of 2011, he has been mostly adding to it over subsequent quarters.
Loral Space & Communications is a New York-based satellite communications company with ownership interests in companies in Spain and Canada. The company’s share price has declined 16.7% year to date, closing at $65.54 Thursday, which is close to a two-year low.
Loral Space & Communication’s first quarter results included a $82.6 million net loss, compared to a $14.83 net loss the same quarter a year ago. Cash on its balance sheet totaled $75.8 million at quarter-end, up from $51.4 million a year ago.
Loral has a $1.4 billion market cap and a P/B ratio of 21.7.
Other gurus have also added to their positions in the company in the first quarter, including Mario Gabelli (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Jim Simons (Trades, Portfolio). Louis Moore Bacon (Trades, Portfolio) started a position in the first quarter.
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