Principal Financial Group Inc. Reduces Stock Position in Globalstar, Inc. (NYSEARCA:GSAT)

Principal Financial Group Inc. reduced its position in Globalstar, Inc. (NYSEARCA:GSAT) by 85.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm 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 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. PFG Investments LLC lifted its position in Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after buying an additional 10,000 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in Globalstar in the 3rd quarter valued at about $27,000. XTX Topco Ltd purchased a new position in shares of Globalstar during the 2nd quarter valued at approximately $31,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in Globalstar in the third quarter worth about $39,000. Finally, Procyon Advisors LLC acquired a new position in Globalstar in the third quarter worth $47,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GSAT shares. StockNews.com upgraded Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Craig Hallum raised their price objective on shares of Globalstar from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Monday, November 4th.

Globalstar Price Performance

Shares of 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. The firm has a market capitalization of $4.07 billion, a PE ratio of -71.33 and a beta of 0.88. Globalstar, Inc. has a one year low of $1.00 and a one year high of $2.74. The stock has a 50-day moving average price of $2.06.

Insider Buying and Selling at Globalstar

In other Globalstar news, Director William A. Hasler sold 90,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,637,929.24. This represents a 9.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rebecca Clary sold 37,688 shares of Globalstar stock in a transaction on Monday, December 9th. The shares were sold at an average price of $2.13, for a total transaction of $80,275.44. Following the sale, the chief financial officer now directly owns 1,396,027 shares of the company’s stock, valued at $2,973,537.51. This trade represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have bought 3,030,000 shares of company stock valued at $5,987,000 and have sold 3,680,851 shares valued at $8,136,154. Company insiders own 61.00% of the company’s stock.

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.