Skylands Capital LLC decreased its stake in ORBCOMM Inc. (NASDAQ:ORBC) by 37.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 377,650 shares of the technology company’s stock after selling 224,850 shares during the period. Skylands Capital LLC owned approximately 0.53% of ORBCOMM worth $4,267,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of ORBC. Gamco Investors INC. ET AL boosted its stake in ORBCOMM by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 56,323 shares of the technology company’s stock valued at $538,000 after buying an additional 165 shares in the last quarter. 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 valued at $115,000 after buying an additional 447 shares in the last quarter. 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 valued at $190,000 after buying an additional 644 shares in the last quarter. Cortina Asset Management LLC boosted its stake in ORBCOMM by 0.3% in the first quarter. Cortina Asset Management LLC now owns 683,071 shares of the technology company’s stock valued at $6,523,000 after buying an additional 2,012 shares in the last quarter. Finally, Deschutes Portfolio Strategy LLC boosted its stake in ORBCOMM by 6.8% in the first quarter. Deschutes Portfolio Strategy LLC now owns 36,910 shares of the technology company’s stock valued at $352,000 after buying an additional 2,350 shares in the last quarter. 80.79% of the stock is owned by institutional investors and hedge funds.
ORBCOMM Inc. (NASDAQ:ORBC) traded up 0.78% on Friday, hitting $11.69. 474,133 shares of the stock were exchanged. The company has a 50-day moving average price of $11.12 and a 200-day moving average price of $9.54. ORBCOMM Inc. has a 52-week low of $7.15 and a 52-week high of $11.80. The firm’s market cap is $837.80 million.
ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, May 4th. The technology company reported ($0.05) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.05). The company had revenue of $51.90 million during the quarter, compared to the consensus estimate of $48.59 million. ORBCOMM had a negative return on equity of 4.69% and a negative net margin of 12.69%. ORBCOMM’s quarterly revenue was up 19.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) EPS. On average, equities research analysts anticipate that ORBCOMM Inc. will post ($0.23) EPS for the current fiscal year.
A number of research firms have recently commented on ORBC. Benchmark Co. began coverage on shares of ORBCOMM in a report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 target price for the company. Craig Hallum set a $13.00 target price on shares of ORBCOMM and gave the stock a “buy” rating in a report on Tuesday, June 13th. ValuEngine raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Friday, July 14th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $14.00 target price on shares of ORBCOMM in a report on Tuesday, April 11th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $12.90.
In related news, CEO Marc Eisenberg sold 6,304 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $10.00, for a total value of $63,040.00. Following the completion of the sale, the chief executive officer now owns 261,020 shares in the company, valued at approximately $2,610,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 value of $78,260.00. Following the completion of the sale, 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. Insiders sold a total of 51,301 shares of company stock valued at $537,250 in the last 90 days. 9.50% of the stock is currently owned by corporate 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.
Want to see what other hedge funds are holding ORBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ORBCOMM Inc. (NASDAQ:ORBC).
Receive News & Ratings for ORBCOMM Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ORBCOMM Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
