Northern Trust Corp Acquires 603,432 Shares of Globalstar, Inc. (GSAT)

Northern Trust Corp boosted its holdings in shares of Globalstar, Inc. (NASDAQ:GSAT) by 12.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,505,487 shares of the company’s stock after purchasing an additional 603,432 shares during the period. Northern Trust Corp owned approximately 0.47% of Globalstar worth $11,726,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in GSAT. Schwab Charles Investment Management Inc. lifted its stake in Globalstar by 38.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,704,253 shares of the company’s stock valued at $3,631,000 after purchasing an additional 474,526 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Globalstar by 36.6% during the second quarter. Alliancebernstein L.P. now owns 922,400 shares of the company’s stock valued at $1,965,000 after purchasing an additional 247,300 shares during the last quarter. Teachers Advisors LLC lifted its stake in Globalstar by 11.9% during the second quarter. Teachers Advisors LLC now owns 1,446,393 shares of the company’s stock valued at $3,081,000 after purchasing an additional 154,088 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in Globalstar by 79.7% during the second quarter. UBS Asset Management Americas Inc. now owns 309,008 shares of the company’s stock valued at $658,000 after purchasing an additional 137,008 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Globalstar by 34.5% during the second quarter. Marshall Wace LLP now owns 450,402 shares of the company’s stock valued at $901,000 after purchasing an additional 115,554 shares during the last quarter.

Shares of Globalstar, Inc. (NASDAQ:GSAT) opened at $1.69 on Friday.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.06. Globalstar had a negative net margin of 351.08% and a negative return on equity of 320.82%. The business had revenue of $30.46 million for the quarter.

In other news, CEO James Monroe III purchased 27,607,656 shares of the business’s stock in a transaction dated Wednesday, October 11th. The shares were acquired at an average price of $1.57 per share, for a total transaction of $43,344,019.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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Globalstar Company Profile

Globalstar, Inc (Globalstar) provides mobile satellite services (MSS), including voice and data communications services globally through satellite. The Company provides wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters.

Institutional Ownership by Quarter for Globalstar (NASDAQ:GSAT)

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