Bank of New York Mellon Corp Lowers Position in Globalstar, Inc. (NYSEARCA:GSAT)

Bank of New York Mellon Corp cut its stake in Globalstar, Inc. (NYSEARCA:GSAT) by 92.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 251,141 shares of the company’s stock after selling 3,059,126 shares during the period. Bank of New York Mellon Corp’s holdings in Globalstar were worth $5,239,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors purchased a new position in shares of Globalstar during the fourth quarter valued at approximately $36,997,000. Wolf Hill Capital Management LP lifted its holdings in shares of Globalstar by 80.0% during the fourth quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock valued at $27,014,000 after purchasing an additional 5,799,366 shares during the last quarter. Ashford Capital Management Inc. lifted its holdings in shares of Globalstar by 68.9% during the fourth quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock valued at $25,605,000 after purchasing an additional 5,047,600 shares during the last quarter. Greenhouse Funds LLLP lifted its holdings in shares of Globalstar by 14.2% during the fourth quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock valued at $54,839,000 after purchasing an additional 3,300,470 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Globalstar by 87.6% during the fourth quarter. JPMorgan Chase & Co. now owns 4,253,186 shares of the company’s stock valued at $8,804,000 after purchasing an additional 1,986,440 shares during the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Globalstar

In related news, Director James Monroe III bought 25,000 shares of the business’s stock in a transaction on Wednesday, May 14th. The stock was acquired at an average price of $18.77 per share, with a total value of $469,250.00. Following the transaction, the director owned 58,783,076 shares in the company, valued at approximately $1,103,358,336.52. This trade represents a 0.04% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 61.00% of the stock is owned by company insiders.

Globalstar Price Performance

Shares of GSAT opened at $24.93 on Friday. The company has a market capitalization of $3.16 billion, a P/E ratio of -831.00 and a beta of 0.91. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. The firm has a 50 day moving average of $22.84 and a 200 day moving average of $18.17. Globalstar, Inc. has a twelve month low of $15.00 and a twelve month high of $41.10.

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.