ORBCOMM (ORBC) Cut to Hold at ValuEngine

ORBCOMM (NASDAQ:ORBC) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

ORBC has been the subject of several other research reports. BidaskClub cut ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 25th. Royal Bank of Canada reiterated a “buy” rating on shares of ORBCOMM in a research report on Thursday, January 3rd. Finally, Zacks Investment Research lowered ORBCOMM from a “hold” rating to a “sell” rating in a report on Friday, November 2nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $14.50.

NASDAQ:ORBC traded down $0.37 during trading hours on Tuesday, hitting $8.13. The company’s stock had a trading volume of 304,100 shares, compared to its average volume of 362,350. The stock has a market capitalization of $670.53 million, a price-to-earnings ratio of -9.68 and a beta of 1.13. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.16 and a current ratio of 2.80. ORBCOMM has a 52-week low of $7.62 and a 52-week high of $11.86.

ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings data on Tuesday, October 30th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $71.04 million during the quarter, compared to analysts’ expectations of $75.37 million. ORBCOMM had a negative return on equity of 10.94% and a negative net margin of 9.84%. ORBCOMM’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.10) earnings per share. On average, analysts predict that ORBCOMM will post -0.28 EPS for the current year.

In other ORBCOMM news, CAO Constantine Milcos sold 4,201 shares of the company’s stock in a transaction on Friday, January 4th. The stock was sold at an average price of $8.51, for a total value of $35,750.51. Following the sale, the chief accounting officer now owns 25,116 shares of the company’s stock, valued at $213,737.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Marc Eisenberg sold 17,260 shares of the company’s stock in a transaction on Friday, January 4th. The shares were sold at an average price of $8.52, for a total value of $147,055.20. Following the completion of the sale, the chief executive officer now directly owns 439,542 shares in the company, valued at approximately $3,744,897.84. The disclosure for this sale can be found here. Insiders sold 76,224 shares of company stock worth $657,255 in the last three months. 7.80% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of ORBC. Bank of New York Mellon Corp grew its holdings in ORBCOMM by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 676,732 shares of the technology company’s stock valued at $6,835,000 after purchasing an additional 24,837 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of ORBCOMM by 10.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 407,885 shares of the technology company’s stock valued at $4,120,000 after acquiring an additional 38,756 shares during the last quarter. BlackRock Inc. boosted its stake in shares of ORBCOMM by 12.6% during the second quarter. BlackRock Inc. now owns 5,510,596 shares of the technology company’s stock valued at $55,656,000 after acquiring an additional 615,232 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of ORBCOMM by 191.3% during the second quarter. Renaissance Technologies LLC now owns 698,618 shares of the technology company’s stock valued at $7,056,000 after acquiring an additional 458,818 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in shares of ORBCOMM by 125.6% during the second quarter. Raymond James & Associates now owns 250,002 shares of the technology company’s stock valued at $2,525,000 after acquiring an additional 139,189 shares during the last quarter. 77.94% of the stock is currently owned by institutional investors.

About ORBCOMM

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers solutions, including network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, including trailers, trucks, rail cars, sea containers, power generators, fluid tanks, marine vessels, diesel or electric powered generators, 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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