AGF Management Ltd. Makes New Investment in Globalstar, Inc. (NYSEARCA:GSAT)

AGF Management Ltd. acquired a new stake in shares of Globalstar, Inc. (NYSEARCA:GSAT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,803,484 shares of the company’s stock, valued at approximately $7,873,000. AGF Management Ltd. owned approximately 0.20% of Globalstar as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp grew its position in Globalstar by 3.4% during the 3rd quarter. State Street Corp now owns 17,583,625 shares of the company’s stock worth $21,804,000 after purchasing an additional 580,305 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Globalstar by 2.3% during the third quarter. Geode Capital Management LLC now owns 16,812,336 shares of the company’s stock valued at $20,852,000 after buying an additional 382,288 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 buying an additional 76,436 shares during the last quarter. FMR LLC increased its position in shares of Globalstar by 32.7% in the 3rd quarter. FMR LLC now owns 4,473,492 shares of the company’s stock valued at $5,547,000 after acquiring an additional 1,102,776 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Globalstar by 51.4% in the 4th quarter. Bank of New York Mellon Corp now owns 3,310,267 shares of the company’s stock worth $6,852,000 after acquiring an additional 1,123,307 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director James Monroe III bought 530,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were acquired at an average price of $1.90 per share, for a total transaction of $1,007,000.00. Following the completion of the transaction, the director now directly owns 6,834,090 shares in the company, valued at $12,984,771. The trade was a 8.41 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Paul E. Jacobs sold 7,087 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 12,374 shares of the company’s stock, valued at approximately $274,084.10. This represents a 36.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 3,030,000 shares of company stock worth $5,987,000 and have sold 22,463 shares worth $206,989. Company insiders own 60.76% of the company’s stock.

Globalstar Stock Performance

Globalstar stock opened at $22.16 on Thursday. The firm has a market cap of $41.98 billion, a PE ratio of -738.67 and a beta of 1.07. The company has a fifty day moving average of $10.69. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.91. Globalstar, Inc. has a 1 year low of $15.00 and a 1 year high of $41.10.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GSAT. Craig Hallum dropped their price target on Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Morgan Stanley upped their target price on Globalstar from $14.85 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Finally, B. Riley raised their price target on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th.

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.