Beck Mack & Oliver LLC Reduces Stock Holdings in Globalstar, Inc. $GSAT

Beck Mack & Oliver LLC lowered its stake in shares of Globalstar, Inc. (NASDAQ:GSAT) by 1.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,169,269 shares of the company’s stock after selling 11,566 shares during the quarter. Beck Mack & Oliver LLC owned approximately 0.92% of Globalstar worth $42,550,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of GSAT. PNC Financial Services Group Inc. grew its position in shares of Globalstar by 2.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company’s stock valued at $896,000 after buying an additional 540 shares during the last quarter. HighTower Advisors LLC lifted its position in Globalstar by 0.8% in the third quarter. HighTower Advisors LLC now owns 71,880 shares of the company’s stock valued at $2,616,000 after acquiring an additional 546 shares during the last quarter. Cannell Capital LLC boosted its stake in Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after acquiring an additional 580 shares in the last quarter. CWM LLC grew its holdings in shares of Globalstar by 100.6% during the third quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after purchasing an additional 664 shares during the last quarter. Finally, KLP Kapitalforvaltning AS grew its holdings in shares of Globalstar by 7.4% during the third quarter. KLP Kapitalforvaltning AS now owns 10,120 shares of the company’s stock worth $368,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Insider Buying and Selling at Globalstar

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 1,260 shares of the company’s stock in a transaction on Monday, December 29th. The shares were sold at an average price of $61.42, for a total transaction of $77,389.20. Following the completion of the transaction, the general counsel owned 135,568 shares in the company, valued at approximately $8,326,586.56. This represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Paul E. Jacobs sold 1,153 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $66,078.43. Following the completion of the sale, the chief executive officer owned 61,080 shares of the company’s stock, valued at $3,500,494.80. This trade represents a 1.85% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 17,303 shares of company stock valued at $1,005,856. 61.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

GSAT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price for the company. Craig Hallum restated a “buy” rating and set a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Finally, Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Globalstar has an average rating of “Hold” and a consensus price target of $69.00.

Globalstar Stock Up 2.7%

Globalstar stock opened at $58.68 on Friday. Globalstar, Inc. has a twelve month low of $17.24 and a twelve month high of $74.88. The stock has a 50 day moving average of $60.74 and a two-hundred day moving average of $53.44. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of -391.17, a PEG ratio of 95.80 and a beta of 1.43.

Globalstar Profile

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.