Principal Financial Group Inc. Sells 395,731 Shares of Globalstar, Inc. (NYSEARCA:GSAT)

Principal Financial Group Inc. lowered its stake in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 85.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,928 shares of the company’s stock after selling 395,731 shares during the quarter. Principal Financial Group Inc.’s holdings in Globalstar were worth $81,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GSAT. State Street Corp grew its stake in shares of Globalstar by 3.4% during the third quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after buying an additional 580,305 shares during the last quarter. Geode Capital Management LLC grew its holdings in Globalstar by 2.3% in the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock worth $20,852,000 after purchasing an additional 382,288 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Globalstar by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock valued at $7,671,000 after buying an additional 196,644 shares during the period. FMR LLC increased its stake in Globalstar by 32.7% during the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after purchasing an additional 1,102,776 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Globalstar by 12.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock valued at $3,126,000 after acquiring an additional 307,357 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Down 2.3 %

Shares of NYSEARCA GSAT opened at $2.14 on Wednesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. Globalstar, Inc. has a twelve month low of $1.00 and a twelve month high of $2.74. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of -71.33 and a beta of 0.88. The stock has a 50 day moving average price of $2.06.

Analyst Ratings Changes

GSAT has been the subject of several analyst reports. StockNews.com upgraded shares of Globalstar from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Craig Hallum lifted their target price on shares of Globalstar from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Monday, November 4th.

Insider Buying and Selling

In other Globalstar news, CEO Paul E. Jacobs sold 14,539 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $2.19, for a total value of $31,840.41. Following the completion of the transaction, the chief executive officer now directly owns 84,815 shares in the company, valued at $185,744.85. This represents a 14.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William A. Hasler sold 90,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $1.93, for a total value of $173,700.00. Following the transaction, the director now owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. The trade was a 9.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 3,030,000 shares of company stock valued at $5,987,000 and sold 3,680,851 shares valued at $8,136,154. 61.00% of the stock is currently owned by corporate insiders.

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.