Globalstar, Inc. (NYSEARCA:GSAT) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 2.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 436,217 shares of the company’s stock after selling 11,165 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Globalstar were worth $903,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in Globalstar by 36.3% during the third quarter. JPMorgan Chase & Co. now owns 2,266,746 shares of the company’s stock worth $2,811,000 after buying an additional 603,285 shares in the last quarter. FNY Investment Advisers LLC boosted its holdings in Globalstar by 261.7% during the fourth quarter. FNY Investment Advisers LLC now owns 53,465 shares of the company’s stock worth $110,000 after buying an additional 38,685 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Globalstar by 44.9% during the fourth quarter. SG Americas Securities LLC now owns 401,195 shares of the company’s stock worth $830,000 after buying an additional 124,370 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Globalstar by 36.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the company’s stock worth $63,000 after buying an additional 8,000 shares in the last quarter. Finally, Flagship Harbor Advisors LLC boosted its holdings in Globalstar by 15.3% during the fourth quarter. Flagship Harbor Advisors LLC now owns 71,741 shares of the company’s stock worth $149,000 after buying an additional 9,506 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the stock. B. Riley boosted their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Morgan Stanley upped their price target on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Finally, Craig Hallum reduced their price target on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th.

Globalstar Stock Performance

Shares of GSAT stock opened at $18.66 on Thursday. Globalstar, Inc. has a one year low of $15.00 and a one year high of $41.10. 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 company has a 50 day moving average price of $20.24 and a 200 day moving average price of $10.89. The firm has a market capitalization of $35.35 billion, a price-to-earnings ratio of -622.00 and a beta of 1.07.

Insider Buying and Selling

In other Globalstar news, Director James Monroe III acquired 50,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $18.56 per share, with a total value of $928,000.00. Following the completion of the transaction, the director now directly owns 58,758,076 shares of the company’s stock, valued at approximately $1,090,549,890.56. The trade was a 0.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Timothy Evan Taylor sold 26,333 shares of the stock in a transaction on Wednesday, March 12th. The stock was 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 334,546 shares of company stock valued at $7,181,976 and sold 34,257 shares valued at $755,528. 60.76% of the stock is currently owned by company insiders.

Globalstar 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.