CANADA LIFE ASSURANCE Co Sells 194,326 Shares of Globalstar, Inc. (NYSEARCA:GSAT)

CANADA LIFE ASSURANCE Co lessened its position in Globalstar, Inc. (NYSEARCA:GSAT) by 64.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 105,508 shares of the company’s stock after selling 194,326 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Globalstar were worth $219,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Globalstar by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock worth $155,945,000 after buying an additional 540,882 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Globalstar by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,262,448 shares of the company’s stock valued at $12,963,000 after purchasing an additional 76,436 shares during the period. JPMorgan Chase & Co. lifted its position in Globalstar by 87.6% during the fourth quarter. JPMorgan Chase & Co. now owns 4,253,186 shares of the company’s stock valued at $8,804,000 after purchasing an additional 1,986,440 shares during the period. AGF Management Ltd. bought a new position in Globalstar during the fourth quarter valued at approximately $7,873,000. Finally, Bank of New York Mellon Corp lifted its position in Globalstar by 51.4% during the fourth quarter. Bank of New York Mellon Corp now owns 3,310,267 shares of the company’s stock valued at $6,852,000 after purchasing an additional 1,123,307 shares during the period. Institutional investors own 18.89% of the company’s stock.

Analyst Upgrades and Downgrades

GSAT has been the topic of a number of research analyst reports. Morgan Stanley increased their price objective on shares of Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Craig Hallum lowered their price objective on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, B. Riley increased their price objective on shares of Globalstar from $4.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th.

Insider Activity at Globalstar

In related news, Director James Monroe III acquired 209,546 shares of the firm’s stock in a transaction on Friday, March 28th. The shares were acquired at an average cost of $22.52 per share, for a total transaction of $4,718,975.92. Following the completion of the transaction, the director now directly owns 790,097 shares in the company, valued at approximately $17,792,984.44. This trade represents a 36.09 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 7,087 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $22.15, for a total value of $156,977.05. Following the sale, the chief executive officer now owns 12,374 shares in the company, valued at approximately $274,084.10. This trade represents a 36.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 259,546 shares of company stock valued at $5,784,726 and sold 34,257 shares valued at $755,528. 60.76% of the stock is currently owned by corporate insiders.

Globalstar Stock Performance

GSAT opened at $19.22 on Thursday. The stock has a market capitalization of $36.41 billion, a price-to-earnings ratio of -640.67 and a beta of 1.07. The company has a fifty day moving average of $20.68 and a 200 day moving average of $9.68. Globalstar, Inc. has a fifty-two week low of $15.00 and a fifty-two week high of $41.10. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09.

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.