Dimensional Fund Advisors LP Increases Stake in Orbcomm Inc. (ORBC)
Dimensional Fund Advisors LP boosted its position in Orbcomm Inc. (NASDAQ:ORBC) by 3.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 4,526,780 shares of the company’s stock after buying an additional 134,784 shares during the period. Dimensional Fund Advisors LP owned approximately 6.38% of Orbcomm worth $45,041,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ORBC. Prudential Financial Inc. purchased a new position in Orbcomm during the first quarter worth approximately $655,000. BlackRock Fund Advisors boosted its position in Orbcomm by 5.9% in the first quarter. BlackRock Fund Advisors now owns 1,810,582 shares of the company’s stock worth $18,341,000 after buying an additional 100,998 shares during the period. Cupps Capital Management LLC boosted its position in Orbcomm by 62.0% in the first quarter. Cupps Capital Management LLC now owns 17,360 shares of the company’s stock worth $175,000 after buying an additional 6,645 shares during the period. Global Alpha Capital Management Ltd. boosted its position in Orbcomm by 38.4% in the first quarter. Global Alpha Capital Management Ltd. now owns 325,300 shares of the company’s stock worth $3,295,000 after buying an additional 90,300 shares during the period. Finally, Wellington Management Group LLP boosted its position in Orbcomm by 199.5% in the first quarter. Wellington Management Group LLP now owns 1,855,248 shares of the company’s stock worth $18,794,000 after buying an additional 1,235,848 shares during the period. Institutional investors own 81.25% of the company’s stock.
Orbcomm Inc. (NASDAQ:ORBC) traded down 0.93% during mid-day trading on Thursday, hitting $9.62. The stock had a trading volume of 28,421 shares. Orbcomm Inc. has a one year low of $5.73 and a one year high of $10.98. The company has a 50 day moving average price of $10.00 and a 200-day moving average price of $9.92. The company’s market cap is $682.89 million.
Orbcomm (NASDAQ:ORBC) last released its earnings results on Thursday, August 4th. The company reported ($0.06) 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 analysts’ expectations of $49 million. Orbcomm had a negative return on equity of 1.08% and a negative net margin of 2.41%. The firm’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.17) earnings per share. Equities analysts expect that Orbcomm Inc. will post ($0.15) earnings per share for the current fiscal year.
A number of research analysts have commented on ORBC shares. Chardan Capital restated a “buy” rating and set a $11.50 price target on shares of Orbcomm in a research note on Monday, August 8th. Zacks Investment Research lowered Orbcomm from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 9th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $15.00 price objective on shares of Orbcomm in a research report on Wednesday, August 10th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $12.05.
In other Orbcomm news, Director Jerome B. Eisenberg sold 5,000 shares of Orbcomm stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $10.06, for a total value of $50,300.00. Following the completion of the sale, the director now directly owns 993,791 shares of the company’s stock, valued at approximately $9,997,537.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.50% of the stock is currently owned by company insiders.
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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