Zacks: Brokerages Expect ORBCOMM Inc. (NASDAQ:ORBC) to Post -$0.06 EPS

Analysts expect that ORBCOMM Inc. (NASDAQ:ORBC) will post earnings per share of ($0.06) for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for ORBCOMM’s earnings, with estimates ranging from ($0.08) to ($0.03). ORBCOMM posted earnings of ($0.04) per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 50%. The company is expected to announce its next earnings report on Wednesday, November 1st.

According to Zacks, analysts expect that ORBCOMM will report full year earnings of ($0.23) per share for the current fiscal year, with EPS estimates ranging from ($0.29) to ($0.18). For the next fiscal year, analysts anticipate that the company will post earnings of ($0.14) per share, with EPS estimates ranging from ($0.23) to ($0.06). Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover ORBCOMM.

ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.05. ORBCOMM had a negative return on equity of 6.19% and a negative net margin of 15.52%. The firm had revenue of $56.96 million during the quarter, compared to the consensus estimate of $52.93 million. During the same period in the previous year, the company posted ($0.06) EPS. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year.

A number of equities analysts recently commented on ORBC shares. ValuEngine lowered ORBCOMM from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 11th. Zacks Investment Research lowered ORBCOMM from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. Benchmark Co. started coverage on ORBCOMM in a research note on Tuesday, April 25th. They issued a “buy” rating and a $13.00 price objective on the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $14.00 price objective on shares of ORBCOMM in a research note on Tuesday, April 11th. Finally, Craig Hallum set a $13.00 price objective on ORBCOMM and gave the stock a “buy” rating in a research note on Tuesday, June 13th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $12.90.

ORBCOMM (NASDAQ ORBC) traded up 2.36% during midday trading on Wednesday, hitting $11.28. 898,002 shares of the stock traded hands. The firm’s 50 day moving average is $11.36 and its 200-day moving average is $9.74. ORBCOMM has a 12-month low of $7.15 and a 12-month high of $11.99. The stock’s market capitalization is $808.42 million.

In other ORBCOMM 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 transaction, the chief executive officer now directly owns 261,020 shares of the company’s stock, valued at $2,610,200. The sale was disclosed in a legal filing with the SEC, which is available 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 shares were sold at an average price of $11.18, for a total value of $78,260.00. Following the completion of the transaction, the director now directly owns 962,780 shares in the company, valued at $10,763,880.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,304 shares of company stock worth $537,770. Insiders own 9.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of ORBCOMM by 16.6% in the first quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock valued at $55,424,000 after buying an additional 824,761 shares during the period. Granite Investment Partners LLC raised its position in shares of ORBCOMM by 2.1% in the second quarter. Granite Investment Partners LLC now owns 1,752,933 shares of the technology company’s stock valued at $19,809,000 after buying an additional 36,437 shares during the period. Raging Capital Management LLC raised its position in shares of ORBCOMM by 12.8% in the first quarter. Raging Capital Management LLC now owns 1,248,899 shares of the technology company’s stock valued at $11,927,000 after buying an additional 141,660 shares during the period. William Blair Investment Management LLC raised its position in shares of ORBCOMM by 10.4% in the second quarter. William Blair Investment Management LLC now owns 1,236,064 shares of the technology company’s stock valued at $13,968,000 after buying an additional 116,878 shares during the period. Finally, State Street Corp raised its position in shares of ORBCOMM by 6.9% in the fourth quarter. State Street Corp now owns 1,126,517 shares of the technology company’s stock valued at $9,320,000 after buying an additional 72,676 shares during the period. 80.48% of the stock is currently owned by hedge funds and other institutional investors.

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About ORBCOMM

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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