Globalstar, Inc. (NYSEAMERICAN:GSAT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in Globalstar, Inc. (NYSEAMERICAN:GSAT) by 85.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,928 shares of the company’s stock after selling 395,731 shares during the period. Principal Financial Group Inc.’s holdings in Globalstar were worth $81,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. CIBC Asset Management Inc grew its stake in shares of Globalstar by 154.9% in the second 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 in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Globalstar by 12.4% in the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock valued at $3,126,000 after purchasing an additional 307,357 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Globalstar by 8.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after purchasing an additional 55,368 shares in the last quarter. Inspire Investing LLC increased its stake in Globalstar by 28.2% during the 2nd quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock worth $357,000 after buying an additional 70,179 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Globalstar by 24.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock worth $307,000 after buying an additional 48,566 shares in 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, VP Timothy Evan Taylor sold 395,000 shares of Globalstar 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 transaction, the vice president now directly owns 10,278,649 shares in the company, valued at $12,539,951.78. This trade represents a 3.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the transaction, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. This represents a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Craig Hallum lifted their price objective on Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Monday, November 4th.

Globalstar Trading Down 2.7 %

NYSEAMERICAN:GSAT opened at $1.82 on Wednesday. The company has a market capitalization of $3.46 billion, a PE ratio of -60.67 and a beta of 0.88. Globalstar, Inc. has a 52-week low of $1.00 and a 52-week high of $2.13. The stock’s 50 day moving average price is $1.25 and its 200 day moving average price is $1.24. 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 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.