Legion Partners Asset Management LLC Lowers Stock Position in Globalstar, Inc. (NYSE:GSAT)

Legion Partners Asset Management LLC decreased its holdings in Globalstar, Inc. (NYSE:GSAT) by 0.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,420,100 shares of the company’s stock after selling 24,900 shares during the quarter. Globalstar comprises 1.9% of Legion Partners Asset Management LLC’s investment portfolio, making the stock its 11th largest holding. Legion Partners Asset Management LLC owned 0.29% of Globalstar worth $6,071,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Globalstar by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock worth $139,175,000 after purchasing an additional 2,547,398 shares during the last quarter. CIBC Asset Management Inc increased its stake in Globalstar by 154.9% in the 2nd quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock valued at $60,000 after buying an additional 32,535 shares during the period. Bank of New York Mellon Corp raised its position in Globalstar by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after buying an additional 307,357 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Globalstar by 8.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock worth $1,026,000 after buying an additional 55,368 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Globalstar by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,646,468 shares of the company’s stock worth $10,954,000 after acquiring an additional 213,489 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Trading Down 2.4 %

Shares of Globalstar stock opened at $1.20 on Friday. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of -60.00 and a beta of 0.86. Globalstar, Inc. has a 52-week low of $1.01 and a 52-week high of $2.13. The company’s 50-day simple moving average is $1.25 and its 200-day simple moving average is $1.21. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94.

Globalstar (NYSE:GSAT) last released its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $60.39 million for the quarter, compared to analysts’ expectations of $57.49 million. Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. As a group, equities research analysts anticipate that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Timothy Evan Taylor sold 395,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the transaction, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the transaction, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by company insiders.

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.