Orbcomm Inc. (NASDAQ:ORBC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “
Several other research firms also recently issued reports on ORBC. Canaccord Genuity restated a “buy” rating and issued a $15.00 price target on shares of Orbcomm in a research note on Wednesday, August 10th. Chardan Capital restated a “buy” rating and issued a $11.50 price target on shares of Orbcomm in a research note on Monday, August 8th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Orbcomm currently has an average rating of “Buy” and a consensus price target of $12.05.
Shares of Orbcomm (NASDAQ:ORBC) opened at 9.95 on Thursday. Orbcomm has a 52 week low of $5.73 and a 52 week high of $10.98. The stock has a 50 day moving average price of $10.06 and a 200-day moving average price of $9.90. The firm’s market capitalization is $706.31 million.
Orbcomm (NASDAQ:ORBC) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by $0.02. The firm earned $50.10 million during the quarter, compared to the consensus estimate of $49 million. Orbcomm had a negative net margin of 2.41% and a negative return on equity of 1.08%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.17) earnings per share. On average, equities research analysts forecast that Orbcomm will post ($0.15) earnings per share for the current year.
In other news, Director Jerome B. Eisenberg sold 5,000 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $10.06, for a total transaction of $50,300.00. Following the completion of the sale, the director now directly owns 993,791 shares in the company, valued at approximately $9,997,537.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 9.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Orbcomm by 1.4% in the second quarter. Vanguard Group Inc. now owns 4,909,616 shares of the company’s stock worth $48,851,000 after buying an additional 68,626 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Orbcomm by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,526,780 shares of the company’s stock valued at $45,041,000 after buying an additional 134,784 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Orbcomm by 6.8% in the second quarter. Franklin Resources Inc. now owns 2,433,400 shares of the company’s stock valued at $24,212,000 after buying an additional 155,900 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of Orbcomm by 8.5% in the second quarter. BlackRock Fund Advisors now owns 1,963,747 shares of the company’s stock valued at $19,539,000 after buying an additional 153,165 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Orbcomm by 199.5% in the first quarter. Wellington Management Group LLP now owns 1,855,248 shares of the company’s stock valued at $18,794,000 after buying an additional 1,235,848 shares in the last quarter. Hedge funds and other institutional investors own 81.25% of the company’s stock.
ORBCOMM Inc is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal 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 the transportation and distribution, heavy equipment, oil and gas, maritime and government industries.
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