Wells Fargo & Company MN Has $2.76 Million Holdings in ORBCOMM Inc (ORBC)
Wells Fargo & Company MN raised its holdings in shares of ORBCOMM Inc (NASDAQ:ORBC) by 22.9% in the third quarter, HoldingsChannel reports. The firm owned 263,850 shares of the technology company’s stock after purchasing an additional 49,112 shares during the period. Wells Fargo & Company MN’s holdings in ORBCOMM were worth $2,763,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of ORBC. SG Americas Securities LLC purchased a new stake in shares of ORBCOMM during the third quarter valued at approximately $107,000. PNC Financial Services Group Inc. purchased a new stake in shares of ORBCOMM during the second quarter valued at approximately $120,000. Principal Financial Group Inc. grew its holdings in shares of ORBCOMM by 4.7% during the second quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock valued at $142,000 after buying an additional 569 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of ORBCOMM by 4.4% during the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after buying an additional 670 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of ORBCOMM during the third quarter valued at approximately $218,000. Hedge funds and other institutional investors own 77.83% of the company’s stock.
In related news, Director Jerome B. Eisenberg sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $11.46, for a total value of $80,220.00. Following the sale, the director now owns 967,363 shares in the company, valued at $11,085,979.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $10.45, for a total transaction of $409,953.50. The disclosure for this sale can be found here. Insiders sold 97,224 shares of company stock worth $1,043,980 in the last 90 days. 9.50% of the stock is currently owned by corporate insiders.
Shares of ORBCOMM Inc (NASDAQ:ORBC) opened at $10.78 on Friday. ORBCOMM Inc has a fifty-two week low of $7.77 and a fifty-two week high of $11.99. The company has a current ratio of 2.79, a quick ratio of 2.21 and a debt-to-equity ratio of 0.99. The company has a market cap of $797.16, a P/E ratio of -13.82 and a beta of 0.84.
ORBCOMM (NASDAQ:ORBC) last issued its earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The company had revenue of $69.37 million during the quarter, compared to analysts’ expectations of $65.62 million. During the same quarter in the prior year, the business posted ($0.04) EPS. The company’s revenue for the quarter was up 49.9% compared to the same quarter last year. sell-side analysts forecast that ORBCOMM Inc will post -0.84 EPS for the current year.
A number of research firms have recently commented on ORBC. BidaskClub upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Zacks Investment Research cut shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. ORBCOMM presently has a consensus rating of “Buy” and an average price target of $13.08.
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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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