California State Teachers Retirement System reduced its stake in ORBCOMM Inc. (NASDAQ:ORBC) by 8.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,061 shares of the technology company’s stock after selling 11,300 shares during the quarter. California State Teachers Retirement System owned about 0.16% of ORBCOMM worth $1,311,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of ORBC. Hood River Capital Management LLC purchased a new stake in shares of ORBCOMM in the second quarter valued at $13,120,000. Westfield Capital Management Co. LP purchased a new position in ORBCOMM during the second quarter worth about $11,898,000. Vanguard Group Inc. lifted its position in ORBCOMM by 16.6% during the first quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock worth $55,424,000 after buying an additional 824,761 shares during the period. Pax World Management LLC purchased a new position in ORBCOMM during the second quarter worth about $8,743,000. Finally, Eagle Asset Management Inc. purchased a new position in ORBCOMM during the second quarter worth about $7,211,000. Institutional investors and hedge funds own 76.00% of the company’s stock.
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In other ORBCOMM news, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $10.55, for a total transaction of $73,850.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 21,000 shares of company stock valued at $231,560 over the last 90 days. 9.50% of the stock is currently owned by insiders.
ORBCOMM Inc. (NASDAQ ORBC) opened at $10.18 on Wednesday. ORBCOMM Inc. has a 12-month low of $7.77 and a 12-month high of $11.99. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.79 and a quick ratio of 2.21.
ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). The business had revenue of $69.37 million for the quarter, compared to analysts’ expectations of $65.62 million. ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.04) earnings per share. sell-side analysts anticipate that ORBCOMM Inc. will post -0.84 earnings per share for the current year.
Several equities analysts recently weighed in on ORBC shares. Canaccord Genuity reiterated a “buy” rating and set a $14.00 target price on shares of ORBCOMM in a research report on Thursday, August 3rd. ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research report on Wednesday, November 8th. Finally, Northland Securities set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a research report on Monday, August 28th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $13.25.
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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