Principal Financial Group Inc. Boosts Position in Globalstar, Inc. (NYSE:GSAT)

Principal Financial Group Inc. boosted its holdings in Globalstar, Inc. (NYSE:GSAT) by 10.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 460,659 shares of the company’s stock after purchasing an additional 44,514 shares during the quarter. Principal Financial Group Inc.’s holdings in Globalstar were worth $516,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Abel Hall LLC purchased a new position in Globalstar in the fourth quarter valued at approximately $26,000. Empowered Funds LLC purchased a new stake in shares of Globalstar during the first quarter valued at approximately $26,000. Panagora Asset Management Inc. purchased a new stake in shares of Globalstar during the fourth quarter valued at approximately $35,000. Grant Street Asset Management Inc. purchased a new stake in shares of Globalstar during the first quarter valued at approximately $29,000. Finally, Second Line Capital LLC purchased a new stake in shares of Globalstar during the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Insider Activity

In other news, Director James Monroe III acquired 4,510,855 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were bought at an average price of $1.06 per share, for a total transaction of $4,781,506.30. Following the completion of the purchase, the director now directly owns 8,708,254 shares of the company’s stock, valued at approximately $9,230,749.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the completion of the sale, the vice president now owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Monroe III purchased 4,510,855 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $1.06 per share, with a total value of $4,781,506.30. Following the transaction, the director now directly owns 8,708,254 shares of the company’s stock, valued at approximately $9,230,749.24. The disclosure for this purchase can be found here. Insiders own 61.00% of the company’s stock.

Globalstar Trading Down 0.8 %

GSAT opened at $1.17 on Friday. The firm has a market capitalization of $2.22 billion, a P/E ratio of -58.50 and a beta of 0.86. The firm’s 50 day moving average is $1.28 and its 200-day moving average is $1.20. Globalstar, Inc. has a 52-week low of $1.01 and a 52-week high of $2.13. 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 posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $60.39 million for the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. Analysts expect that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

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.