Raymond James Financial Inc. Acquires New Shares in Globalstar, Inc. (NYSEARCA:GSAT)

Raymond James Financial Inc. bought a new position in shares of Globalstar, Inc. (NYSEARCA:GSAT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 337,078 shares of the company’s stock, valued at approximately $698,000.

A number of other large investors have also recently made changes to their positions in the stock. AGF Management Ltd. purchased a new stake in Globalstar during the 4th quarter worth about $7,873,000. JPMorgan Chase & Co. lifted its holdings in shares of Globalstar by 87.6% in the fourth quarter. JPMorgan Chase & Co. now owns 4,253,186 shares of the company’s stock worth $8,804,000 after buying an additional 1,986,440 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Globalstar by 51.4% in 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 acquiring an additional 1,123,307 shares during the period. Van ECK Associates Corp grew its stake in Globalstar by 190.2% during the fourth quarter. Van ECK Associates Corp now owns 1,312,400 shares of the company’s stock valued at $2,717,000 after acquiring an additional 860,133 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Globalstar by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 75,335,688 shares of the company’s stock worth $155,945,000 after acquiring an additional 540,882 shares during the period. 18.89% of the stock is owned by institutional investors.

Insider Buying and Selling at Globalstar

In other news, VP Timothy Evan Taylor sold 26,333 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total value of $580,379.32. Following the completion of the sale, the vice president now owns 399,244 shares of the company’s stock, valued at approximately $8,799,337.76. This represents a 6.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Monroe III bought 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The stock was acquired at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the transaction, the director now owns 847,273 shares in the company, valued at $17,623,278.40. This trade represents a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 259,546 shares of company stock worth $5,784,726 and have sold 34,257 shares worth $755,528. Company insiders own 60.76% of the company’s stock.

Globalstar Stock Performance

Globalstar stock opened at $19.85 on Wednesday. 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. The stock has a market cap of $37.60 billion, a P/E ratio of -661.67 and a beta of 1.07. The firm’s fifty day moving average price is $20.61 and its 200-day moving average price is $10.29.

Analyst Upgrades and Downgrades

GSAT has been the subject of a number of recent analyst reports. B. Riley boosted their price target 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. Craig Hallum reduced their target price on Globalstar from $75.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Finally, Morgan Stanley raised their price target on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th.

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.