Teachers Retirement System of The State of Kentucky continued to hold its stake in ORBCOMM Inc. (NASDAQ:ORBC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,421 shares of the technology company’s stock at the end of the first quarter. Teachers Retirement System of The State of Kentucky owned 0.10% of ORBCOMM worth $692,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the company. Teza Capital Management LLC acquired a new stake in ORBCOMM during the first quarter worth about $116,000. Gamco Investors INC. ET AL increased its stake in ORBCOMM by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 56,323 shares of the technology company’s stock worth $538,000 after buying an additional 165 shares during the period. UBS Asset Management Americas Inc. increased its stake in ORBCOMM by 118.9% in the first quarter. UBS Asset Management Americas Inc. now owns 27,581 shares of the technology company’s stock worth $263,000 after buying an additional 14,981 shares during the period. Swiss National Bank increased its stake in ORBCOMM by 5.0% in the first quarter. Swiss National Bank now owns 105,100 shares of the technology company’s stock worth $1,004,000 after buying an additional 5,000 shares during the period. Finally, Suntrust Banks Inc. boosted its position in ORBCOMM by 8.1% in the first quarter. Suntrust Banks Inc. now owns 37,523 shares of the technology company’s stock worth $357,000 after buying an additional 2,807 shares in the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.
ORBCOMM Inc. (NASDAQ:ORBC) opened at 11.03 on Friday. The company’s market capitalization is $810.68 million. ORBCOMM Inc. has a 52 week low of $7.15 and a 52 week high of $11.99. The company’s 50-day moving average price is $11.39 and its 200 day moving average price is $9.87.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.05. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The firm had revenue of $56.96 million for the quarter, compared to analyst estimates of $52.93 million. During the same period in the previous year, the business posted ($0.06) EPS. ORBCOMM’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that ORBCOMM Inc. will post ($0.36) EPS for the current year.
ORBC has been the subject of a number of analyst reports. Benchmark Co. initiated coverage on ORBCOMM in a report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 price target for the company. Zacks Investment Research cut ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, May 10th. ValuEngine cut ORBCOMM from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 11th. Craig Hallum set a $13.00 target price on ORBCOMM and gave the company a “buy” rating in a research note on Tuesday, June 13th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $14.00 target price on shares of ORBCOMM in a research note on Thursday, August 3rd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $12.90.
In related news, CEO Marc Eisenberg sold 6,304 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $10.00, for a total value of $63,040.00. Following the sale, the chief executive officer now owns 261,020 shares of the company’s stock, valued at approximately $2,610,200. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $11.51, for a total value of $80,570.00. The disclosure for this sale can be found here. Insiders have sold a total of 50,304 shares of company stock worth $537,770 in the last three months. 9.50% of the stock is owned by insiders.
ORBCOMM Company Profile
ORBCOMM Inc is a provider of Internet of Things (IoT) solutions, including network connectivity, devices, device management and Web reporting applications. The Company’s IoT products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, sea containers, generators, fluid tanks, marine vessels, diesel or electric powered generators (gensets), oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters, in industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime and government.
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