ORBCOMM Inc. (ORBC) Position Cut by Shufro Rose & Co. LLC
Shufro Rose & Co. LLC lowered its position in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 4.8% during the second quarter, Holdings Channel reports. The institutional investor owned 43,700 shares of the technology company’s stock after selling 2,200 shares during the period. Shufro Rose & Co. LLC’s holdings in ORBCOMM were worth $494,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of ORBC. 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. Teza Capital Management LLC acquired a new stake in ORBCOMM during the first quarter worth approximately $116,000. Paloma Partners Management Co boosted its stake in ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock worth $190,000 after buying an additional 644 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in ORBCOMM during the first quarter worth approximately $208,000. Finally, Parametric Portfolio Associates LLC boosted its stake in ORBCOMM by 18.7% in the first quarter. Parametric Portfolio Associates LLC now owns 24,493 shares of the technology company’s stock worth $234,000 after buying an additional 3,858 shares in the last quarter. 79.75% of the stock is currently owned by institutional investors and hedge funds.
Shares of ORBCOMM Inc. (ORBC) opened at 11.26 on Wednesday. ORBCOMM Inc. has a one year low of $7.15 and a one year high of $11.99. The company’s market capitalization is $827.59 million. The stock has a 50 day moving average price of $11.40 and a 200 day moving average price of $9.94.
ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share 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 analyst estimates of $52.93 million. During the same quarter last year, the company earned ($0.06) EPS. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities research analysts predict that ORBCOMM Inc. will post ($0.36) earnings per share for the current year.
A number of research firms have commented on ORBC. Craig Hallum set a $13.00 price target on ORBCOMM and gave the company a “buy” rating in a report on Tuesday, June 13th. Benchmark Co. began coverage on ORBCOMM in a report on Tuesday, April 25th. They set a “buy” rating and a $13.00 price target on the stock. ValuEngine cut ORBCOMM from a “sell” rating to a “strong sell” rating in a report on Thursday, May 11th. Zacks Investment Research raised ORBCOMM from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Finally, Canaccord Genuity reissued a “buy” rating and set a $14.00 price target on shares of ORBCOMM in a report on Thursday, August 3rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently 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 company’s stock in a transaction dated 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 legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $11.51, for a total transaction of $80,570.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,000 shares of company stock valued at $474,730. 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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