ORBCOMM Inc. (NASDAQ:ORBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, August 9th.
According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “
A number of other analysts also recently weighed in on the stock. ValuEngine downgraded shares of ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 11th. Benchmark Co. initiated coverage on shares of ORBCOMM in a research report on Tuesday, April 25th. They set a “buy” rating and a $13.00 target price for the company. Canaccord Genuity reissued a “buy” rating and set a $14.00 target price on shares of ORBCOMM in a research report on Tuesday, April 11th. Finally, Craig Hallum set a $13.00 price objective on shares of ORBCOMM and gave the stock a “buy” rating in a research report on Tuesday, June 13th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. ORBCOMM has a consensus rating of “Buy” and an average price target of $12.90.
ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.05. The firm had revenue of $56.96 million for the quarter, compared to analyst estimates of $52.93 million. ORBCOMM had a negative net margin of 15.52% and a negative return on equity of 6.16%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) EPS. Analysts anticipate that ORBCOMM will post ($0.36) EPS for the current year.
In other news, CEO Marc Eisenberg sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $10.53, for a total transaction of $315,900.00. Following the completion of the sale, the chief executive officer now owns 215,321 shares of the company’s stock, valued at approximately $2,267,330.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of ORBCOMM stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $11.18, for a total transaction of $78,260.00. Following the completion of the sale, the director now directly owns 962,780 shares of the company’s stock, valued at approximately $10,763,880.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 513,032 shares of company stock valued at $5,738,128. Insiders own 9.50% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. 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 valued at $538,000 after buying an additional 165 shares during the last quarter. Principal Financial Group Inc. increased its stake in ORBCOMM by 3.9% in the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after buying an additional 447 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in ORBCOMM by 0.3% in the second quarter. TIAA CREF Investment Management LLC now owns 174,025 shares of the technology company’s stock valued at $1,966,000 after buying an additional 550 shares during the last quarter. Paloma Partners Management Co increased its stake in ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after buying an additional 644 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after buying an additional 670 shares during the last quarter. 79.75% of the stock is owned by institutional investors and hedge funds.
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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