Millrace Asset Group Inc. Decreases Stake in ORBCOMM Inc (ORBC)
Millrace Asset Group Inc. reduced its holdings in shares of ORBCOMM Inc (NASDAQ:ORBC) by 4.7% in the 4th quarter, HoldingsChannel reports. The fund owned 205,000 shares of the technology company’s stock after selling 10,000 shares during the period. ORBCOMM makes up approximately 2.0% of Millrace Asset Group Inc.’s portfolio, making the stock its 18th largest position. Millrace Asset Group Inc.’s holdings in ORBCOMM were worth $2,087,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of ORBCOMM during the 3rd quarter worth approximately $107,000. Bank of Montreal Can acquired a new stake in shares of ORBCOMM in the 4th quarter valued at approximately $143,000. Highbridge Capital Management LLC acquired a new stake in shares of ORBCOMM in the 3rd quarter valued at approximately $155,000. CIBC World Markets Inc. acquired a new stake in shares of ORBCOMM in the 4th quarter valued at approximately $158,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of ORBCOMM in the 3rd quarter valued at approximately $218,000. 75.89% of the stock is owned by institutional investors.
In other news, CFO Robert G. Costantini sold 11,019 shares of ORBCOMM stock in a transaction on Friday, January 5th. The stock was sold at an average price of $10.89, for a total transaction of $119,996.91. Following the completion of the sale, the chief financial officer now owns 200,215 shares of the company’s stock, valued at $2,180,341.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig Malone sold 7,923 shares of ORBCOMM stock in a transaction on Friday, January 5th. The stock was sold at an average price of $10.89, for a total value of $86,281.47. Following the sale, the executive vice president now directly owns 33,496 shares of the company’s stock, valued at approximately $364,771.44. The disclosure for this sale can be found here. Insiders have sold a total of 43,994 shares of company stock valued at $479,117 in the last ninety days. Insiders own 9.50% of the company’s stock.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings results on Thursday, March 1st. The technology company reported ($0.10) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.10). ORBCOMM had a negative return on equity of 9.83% and a negative net margin of 24.11%. The business had revenue of $75.98 million during the quarter, compared to the consensus estimate of $71.68 million. During the same quarter last year, the firm posted ($0.05) EPS. The company’s quarterly revenue was up 62.4% on a year-over-year basis. research analysts anticipate that ORBCOMM Inc will post -0.14 earnings per share for the current fiscal year.
Several research firms have recently commented on ORBC. Roth Capital began coverage on ORBCOMM in a report on Friday, February 2nd. They issued a “buy” rating and a $14.00 price objective for the company. Zacks Investment Research raised ORBCOMM from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Thursday, January 4th. BidaskClub raised ORBCOMM from a “hold” rating to a “buy” rating in a report on Saturday, January 20th. Northland Securities set a $15.00 price objective on ORBCOMM and gave the company a “buy” rating in a report on Tuesday, January 16th. Finally, Canaccord Genuity cut their price objective on ORBCOMM from $16.00 to $15.00 and set a “buy” rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $13.67.
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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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