Geode Capital Management LLC Has $4.96 Million Position in ORBCOMM Inc. (NASDAQ:ORBC)
Geode Capital Management LLC raised its position in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 5.0% during the first quarter, Holdings Channel reports. The institutional investor owned 519,817 shares of the technology company’s stock after buying an additional 24,908 shares during the period. Geode Capital Management LLC’s holdings in ORBCOMM were worth $4,964,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in ORBCOMM by 16.6% in the first quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock worth $55,424,000 after buying an additional 824,761 shares in the last quarter. California Public Employees Retirement System boosted its stake in ORBCOMM by 5.1% in the first quarter. California Public Employees Retirement System now owns 95,500 shares of the technology company’s stock worth $912,000 after buying an additional 4,600 shares in the last quarter. Formula Growth Ltd. boosted its stake in ORBCOMM by 27.7% in the first quarter. Formula Growth Ltd. now owns 166,000 shares of the technology company’s stock worth $1,585,000 after buying an additional 36,000 shares in the last quarter. FMR LLC boosted its stake in ORBCOMM by 1,486.7% in the first quarter. FMR LLC now owns 555,347 shares of the technology company’s stock worth $5,304,000 after buying an additional 520,347 shares in the last quarter. Finally, Principal Financial Group Inc. boosted 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 worth $115,000 after buying an additional 447 shares in the last quarter. Institutional investors own 79.75% of the company’s stock.
ORBCOMM Inc. (ORBC) traded up 0.82% during mid-day trading on Monday, hitting $11.12. The stock had a trading volume of 22,568 shares. The stock’s market cap is $817.30 million. The company has a 50 day moving average price of $11.39 and a 200 day moving average price of $9.87. ORBCOMM Inc. has a one year low of $7.15 and a one year high of $11.99.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) EPS for the quarter, missing the 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 company had revenue of $56.96 million for the quarter, compared to the consensus estimate of $52.93 million. During the same period in the previous year, the business posted ($0.06) EPS. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts anticipate that ORBCOMM Inc. will post ($0.36) EPS for the current year.
A number of research firms have weighed in on ORBC. Zacks Investment Research cut ORBCOMM from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Canaccord Genuity reiterated a “buy” rating and set a $14.00 target price on shares of ORBCOMM in a research report on Thursday, August 3rd. Craig Hallum set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a research report on Tuesday, June 13th. ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Benchmark Co. assumed coverage on ORBCOMM in a research report on Tuesday, April 25th. They set a “buy” rating and a $13.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. ORBCOMM currently has an average rating of “Buy” and a consensus price target of $12.90.
In other news, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $11.18, for a total transaction of $78,260.00. Following the transaction, the director now owns 962,780 shares of the company’s stock, valued at $10,763,880.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Marc Eisenberg sold 6,304 shares of the stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $10.00, for a total transaction of $63,040.00. Following the transaction, the chief executive officer now directly owns 261,020 shares in the company, valued at approximately $2,610,200. The disclosure for this sale can be found here. Insiders have sold 50,304 shares of company stock worth $537,770 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.
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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