Mercer Global Advisors Inc. ADV Grows Stock Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

Mercer Global Advisors Inc. ADV lifted its position in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 4.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,912 shares of the company’s stock after buying an additional 900 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Globalstar were worth $43,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Globalstar by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock valued at $155,945,000 after buying an additional 540,882 shares in the last quarter. Greenhouse Funds LLLP lifted its stake in Globalstar by 14.2% in the 4th quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock worth $54,839,000 after purchasing an additional 3,300,470 shares in the last quarter. Capital Research Global Investors purchased a new stake in Globalstar in the 4th quarter worth $36,997,000. Wolf Hill Capital Management LP lifted its stake in Globalstar by 80.0% in the 4th quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock worth $27,014,000 after purchasing an additional 5,799,366 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Globalstar by 0.5% in the 4th quarter. Northern Trust Corp now owns 6,695,810 shares of the company’s stock worth $13,860,000 after purchasing an additional 35,289 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Paul E. Jacobs sold 7,087 shares of the company’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 value of $156,977.05. Following the completion of the sale, the chief executive officer now owns 12,374 shares of the company’s stock, valued at approximately $274,084.10. This represents a 36.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Monroe III purchased 50,000 shares of the stock in a transaction dated Monday, May 12th. The stock was acquired at an average cost of $18.56 per share, with a total value of $928,000.00. Following the transaction, the director now directly owns 58,758,076 shares in the company, valued at approximately $1,090,549,890.56. This trade represents a 0.09% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 334,546 shares of company stock worth $7,181,976 and have sold 34,257 shares worth $755,528. Insiders own 60.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Craig Hallum decreased their price target on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Morgan Stanley boosted their price target on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Finally, B. Riley boosted their price target on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th.

Globalstar Price Performance

Shares of GSAT stock opened at $18.35 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The company has a market capitalization of $34.76 billion, a P/E ratio of -611.67 and a beta of 1.07. The company’s 50-day simple moving average is $20.11 and its two-hundred day simple moving average is $11.18. Globalstar, Inc. has a one year low of $15.00 and a one year high of $41.10.

About Globalstar

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.