Mercer Global Advisors Inc. ADV Boosts Holdings in Globalstar, Inc. (NYSEARCA:GSAT)

Mercer Global Advisors Inc. ADV boosted its position in shares of Globalstar, Inc. (NYSEARCA:GSAT) by 4.5% in the fourth quarter, HoldingsChannel reports. The fund owned 20,912 shares of the company’s stock after purchasing an additional 900 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Globalstar were worth $43,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Stifel Financial Corp increased its stake in Globalstar by 8.7% during the 4th quarter. Stifel Financial Corp now owns 36,087 shares of the company’s stock valued at $75,000 after purchasing an additional 2,894 shares in the last quarter. Mariner LLC increased its stake in Globalstar by 30.9% during the 4th quarter. Mariner LLC now owns 14,007 shares of the company’s stock valued at $29,000 after purchasing an additional 3,307 shares in the last quarter. Legal & General Group Plc increased its stake in Globalstar by 0.8% during the 4th quarter. Legal & General Group Plc now owns 854,923 shares of the company’s stock valued at $1,770,000 after purchasing an additional 7,132 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in Globalstar by 11.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 76,317 shares of the company’s stock valued at $158,000 after purchasing an additional 7,703 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Globalstar by 36.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 30,200 shares of the company’s stock valued at $63,000 after purchasing an additional 8,000 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Craig Hallum cut their price target on shares of 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 increased their price objective on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Finally, B. Riley increased their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th.

Globalstar Stock Down 1.7%

NYSEARCA:GSAT opened at $18.35 on Friday. The firm has a market capitalization of $34.76 billion, a P/E ratio of -611.67 and a beta of 1.07. Globalstar, Inc. has a 1-year low of $15.00 and a 1-year high of $41.10. The company’s fifty day moving average price is $20.11 and its 200-day moving average price is $11.18. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Insider Transactions at Globalstar

In related news, VP Timothy Evan Taylor sold 26,333 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $22.04, for a total transaction of $580,379.32. Following the sale, the vice president now owns 399,244 shares in the company, valued at approximately $8,799,337.76. This trade represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Monroe III purchased 209,546 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The shares were purchased at an average price of $22.52 per share, for a total transaction of $4,718,975.92. Following the transaction, the director now owns 790,097 shares of the company’s stock, valued at $17,792,984.44. This trade represents a 36.09% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 334,546 shares of company stock worth $7,181,976 and have sold 34,257 shares worth $755,528. Company insiders own 60.76% of the company’s stock.

Globalstar Company Profile

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.