State of New Jersey Common Pension Fund D Makes New Investment in ORBCOMM Inc (NASDAQ:ORBC)

State of New Jersey Common Pension Fund D bought a new position in shares of ORBCOMM Inc (NASDAQ:ORBC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 286,500 shares of the technology company’s stock, valued at approximately $1,364,000. State of New Jersey Common Pension Fund D owned approximately 0.36% of ORBCOMM as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Capital Fund Management S.A. purchased a new position in ORBCOMM in the 2nd quarter valued at approximately $82,000. Steward Partners Investment Advisory LLC purchased a new position in shares of ORBCOMM during the 2nd quarter valued at $95,000. M&T Bank Corp grew its position in shares of ORBCOMM by 34.8% during the 2nd quarter. M&T Bank Corp now owns 21,930 shares of the technology company’s stock valued at $158,000 after purchasing an additional 5,659 shares in the last quarter. Menta Capital LLC purchased a new position in shares of ORBCOMM during the 2nd quarter valued at $171,000. Finally, Trexquant Investment LP grew its position in shares of ORBCOMM by 87.3% during the 2nd quarter. Trexquant Investment LP now owns 24,550 shares of the technology company’s stock valued at $178,000 after purchasing an additional 11,446 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CFO Constantine Milcos acquired 15,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were purchased at an average price of $5.25 per share, for a total transaction of $78,750.00. Following the completion of the transaction, the chief financial officer now owns 48,367 shares of the company’s stock, valued at $253,926.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Marc Eisenberg acquired 18,000 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was purchased at an average price of $4.52 per share, for a total transaction of $81,360.00. Insiders acquired 53,000 shares of company stock valued at $246,110 over the last three months. 7.30% of the stock is currently owned by insiders.

A number of research firms have recently commented on ORBC. Craig Hallum upgraded shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $7.50 price target for the company in a research report on Thursday, August 22nd. Zacks Investment Research downgraded shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Finally, BidaskClub raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $8.75.

Shares of NASDAQ ORBC traded down $0.02 during mid-day trading on Tuesday, reaching $4.52. 1,113 shares of the company were exchanged, compared to its average volume of 1,057,429. ORBCOMM Inc has a 52 week low of $3.58 and a 52 week high of $10.00. The company has a quick ratio of 2.14, a current ratio of 2.77 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $360.90 million, a PE ratio of -13.76 and a beta of 1.01. The company’s 50 day moving average price is $4.58 and its 200 day moving average price is $6.09.

ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings results on Wednesday, October 30th. The technology company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $69.19 million during the quarter, compared to the consensus estimate of $71.43 million. ORBCOMM had a negative net margin of 8.03% and a negative return on equity of 8.61%. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) earnings per share. On average, sell-side analysts predict that ORBCOMM Inc will post -0.24 earnings per share for the current year.

ORBCOMM Profile

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, such as 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 transportation and supply chain, heavy equipment, fixed asset monitoring, and maritime industries, as well as for governments.

Further Reading: Why is Cost of Capital Important?

Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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