Bank of New York Mellon Corp Raises Stock Holdings in Globalstar, Inc. (NYSE:GSAT)

Bank of New York Mellon Corp lifted its holdings in Globalstar, Inc. (NYSE:GSAT) by 12.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,791,176 shares of the company’s stock after buying an additional 307,357 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.15% of Globalstar worth $3,126,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. American International Group Inc. raised its holdings in shares of Globalstar by 2.5% in the first quarter. American International Group Inc. now owns 357,070 shares of the company’s stock worth $525,000 after buying an additional 8,706 shares during the period. Abel Hall LLC purchased a new position in Globalstar during the 4th quarter worth $26,000. ProShare Advisors LLC increased its holdings in Globalstar by 12.2% during the 1st quarter. ProShare Advisors LLC now owns 130,174 shares of the company’s stock worth $191,000 after purchasing an additional 14,166 shares during the period. Empowered Funds LLC purchased a new position in Globalstar during the 1st quarter worth $26,000. Finally, Panagora Asset Management Inc. purchased a new position in Globalstar during the 4th quarter worth $35,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Globalstar

In other Globalstar news, Director James Monroe III acquired 4,510,855 shares of the stock in a transaction dated Friday, June 28th. The stock was purchased at an average price 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 $9,230,749.24. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of Globalstar 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 completion of the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Monroe III purchased 4,510,855 shares of the stock in a transaction on Friday, June 28th. The shares were purchased at an average cost of $1.06 per share, with a total value of $4,781,506.30. Following the transaction, the director now owns 8,708,254 shares in the company, 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 Stock Down 0.8 %

GSAT opened at $1.17 on Monday. The business’s fifty day moving average price is $1.28. The stock has a market cap of $2.22 billion, a P/E ratio of -58.50 and a beta of 0.86. Globalstar, Inc. has a 52 week low of $1.01 and a 52 week high of $2.13. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95.

Globalstar (NYSE:GSAT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $60.39 million for the quarter, compared to the consensus estimate of $57.49 million. Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. Equities analysts anticipate that Globalstar, Inc. will post -0.02 earnings per share for the current year.

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.