MetLife Investment Management LLC Cuts Stake in Globalstar, Inc. (NYSE:GSAT)

MetLife Investment Management LLC lessened its stake in Globalstar, Inc. (NYSE:GSAT) by 13.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 363,532 shares of the company’s stock after selling 56,846 shares during the quarter. MetLife Investment Management LLC’s holdings in Globalstar were worth $451,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GSAT. Dynamic Technology Lab Private Ltd bought a new stake in Globalstar in the 3rd quarter valued at $56,000. BNP Paribas Financial Markets boosted its holdings in shares of Globalstar by 26.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after purchasing an additional 68,599 shares during the last quarter. FMR LLC grew its position in shares of Globalstar by 32.7% during the third 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, Charles Schwab Investment Management Inc. increased its holdings in shares of Globalstar by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,186,012 shares of the company’s stock worth $7,671,000 after purchasing an additional 196,644 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Insider Buying and Selling at Globalstar

In related news, Director William A. Hasler sold 90,000 shares of the 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 completion of the transaction, the director now owns 848,668 shares of the company’s stock, valued at approximately $1,637,929.24. This trade represents a 9.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 61.00% of the stock is owned by company insiders.

Globalstar Price Performance

GSAT stock opened at $2.21 on Friday. Globalstar, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.29. The firm has a market capitalization of $4.18 billion, a P/E ratio of -73.67 and a beta of 1.10. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91.

Analysts Set New Price Targets

Separately, StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

About Globalstar

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.