Metropolitan Life Insurance Co. NY cut its position in ORBCOMM Inc. (NASDAQ:ORBC) by 0.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,351 shares of the technology company’s stock after selling 180 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in ORBCOMM were worth $433,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position 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 during the last quarter. Granite Investment Partners LLC increased its position in ORBCOMM by 35.3% in the first quarter. Granite Investment Partners LLC now owns 1,716,496 shares of the technology company’s stock worth $16,393,000 after buying an additional 447,372 shares during the last quarter. Raging Capital Management LLC increased its position in ORBCOMM by 12.8% in the first quarter. Raging Capital Management LLC now owns 1,248,899 shares of the technology company’s stock worth $11,927,000 after buying an additional 141,660 shares during the last quarter. State Street Corp increased its position in ORBCOMM by 6.9% in the fourth quarter. State Street Corp now owns 1,126,517 shares of the technology company’s stock worth $9,320,000 after buying an additional 72,676 shares during the last quarter. Finally, RK Capital Management LLC increased its position in ORBCOMM by 47.8% in the first quarter. RK Capital Management LLC now owns 957,823 shares of the technology company’s stock worth $9,147,000 after buying an additional 309,600 shares during the last quarter. 79.75% of the stock is owned by institutional investors.

ORBCOMM Inc. (NASDAQ:ORBC) traded down 1.370% during midday trading on Tuesday, hitting $11.155. 38,644 shares of the stock were exchanged. The firm’s 50 day moving average price is $11.40 and its 200 day moving average price is $9.92. The company’s market cap is $819.87 million. ORBCOMM Inc. has a 12 month low of $7.15 and a 12 month high of $11.99.

ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.07) by $0.05. The firm had revenue of $56.96 million for the quarter, compared to the consensus estimate of $52.93 million. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The company’s revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.06) EPS. On average, equities research analysts forecast that ORBCOMM Inc. will post ($0.36) earnings per share for the current fiscal year.

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ORBC has been the subject of a number of research reports. Canaccord Genuity reissued a “buy” rating and issued a $14.00 price target on shares of ORBCOMM in a research note on Thursday, August 3rd. Zacks Investment Research cut shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, May 10th. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Benchmark Co. initiated coverage on shares of ORBCOMM in a report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 price objective on the stock. Finally, Craig Hallum set a $13.00 price objective on shares of ORBCOMM and gave the stock a “buy” rating in a report on Tuesday, June 13th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $12.90.

In related news, CEO Marc Eisenberg sold 30,000 shares of the business’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 transaction, the chief executive officer now owns 215,321 shares in the company, valued at approximately $2,267,330.13. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was 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 approximately $10,763,880.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,000 shares of company stock valued at $474,730. 9.50% of the stock is currently owned by company 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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Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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