Prudential Financial Inc. Has $116,000 Stock Position in Globalstar, Inc. (NYSEARCA:GSAT)

Prudential Financial Inc. cut its position in Globalstar, Inc. (NYSEARCA:GSAT) by 1.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,270 shares of the company’s stock after selling 700 shares during the quarter. Prudential Financial Inc.’s holdings in Globalstar were worth $116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AGF Management Ltd. bought a new position in Globalstar in the 4th quarter worth approximately $7,873,000. Bank of New York Mellon Corp grew its stake in shares of Globalstar by 51.4% in the fourth quarter. Bank of New York Mellon Corp now owns 3,310,267 shares of the company’s stock worth $6,852,000 after acquiring an additional 1,123,307 shares during the last quarter. FMR LLC increased its position in Globalstar by 32.7% during the third quarter. FMR LLC now owns 4,473,492 shares of the company’s stock worth $5,547,000 after acquiring an additional 1,102,776 shares during the period. Van ECK Associates Corp increased its position in Globalstar by 190.2% during the fourth quarter. Van ECK Associates Corp now owns 1,312,400 shares of the company’s stock worth $2,717,000 after acquiring an additional 860,133 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Globalstar by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock valued at $2,811,000 after purchasing an additional 603,285 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GSAT has been the topic of several research reports. Morgan Stanley boosted their price target on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Craig Hallum lowered their price objective on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, B. Riley upped their target price on Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th.

Globalstar Price Performance

Shares of GSAT stock opened at $19.56 on Friday. Globalstar, Inc. has a 52 week low of $15.00 and a 52 week high of $41.10. The stock has a market capitalization of $37.05 billion, a PE ratio of -652.00 and a beta of 1.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The stock’s fifty day moving average is $19.77 and its 200-day moving average is $8.18.

Insider Buying and Selling

In related news, VP Timothy Evan Taylor sold 26,333 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total transaction of $580,379.32. Following the completion of the sale, the vice president now directly owns 399,244 shares of the company’s stock, valued at $8,799,337.76. The trade was a 6.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Paul E. Jacobs sold 7,087 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $22.15, for a total transaction of $156,977.05. Following the completion of the transaction, the chief executive officer now directly owns 12,374 shares in the company, valued at approximately $274,084.10. The trade was a 36.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders purchased 259,546 shares of company stock worth $5,784,726 and sold 34,257 shares worth $755,528. 60.76% of the stock is currently owned by corporate insiders.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications.