Credit Suisse AG Reduces Stake in ORBCOMM Inc. (ORBC)
Credit Suisse AG cut its position in ORBCOMM Inc. (NASDAQ:ORBC) by 45.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,171 shares of the technology company’s stock after selling 162,062 shares during the period. Credit Suisse AG’s holdings in ORBCOMM were worth $1,845,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in ORBC. Teza Capital Management LLC bought a new stake in shares of ORBCOMM during the first quarter worth about $116,000. Gamco Investors INC. ET AL boosted its stake in shares of ORBCOMM by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 56,323 shares of the technology company’s stock worth $538,000 after buying an additional 165 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of ORBCOMM by 118.9% in the first quarter. UBS Asset Management Americas Inc. now owns 27,581 shares of the technology company’s stock worth $263,000 after buying an additional 14,981 shares during the last quarter. Swiss National Bank boosted its stake in shares of ORBCOMM by 5.0% in the first quarter. Swiss National Bank now owns 105,100 shares of the technology company’s stock worth $1,004,000 after buying an additional 5,000 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its stake in shares of ORBCOMM by 8.1% in the first quarter. Suntrust Banks Inc. now owns 37,523 shares of the technology company’s stock worth $357,000 after buying an additional 2,807 shares during the last quarter. Hedge funds and other institutional investors own 80.40% of the company’s stock.
ORBCOMM Inc. (NASDAQ ORBC) traded down 0.18% during midday trading on Friday, hitting $10.91. The stock had a trading volume of 61,723 shares. The firm has a 50-day moving average price of $11.39 and a 200-day moving average price of $9.85. ORBCOMM Inc. has a 1-year low of $7.15 and a 1-year high of $11.99. The firm’s market capitalization is $801.86 million.
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 analysts’ consensus estimates of ($0.07) by $0.05. The business had revenue of $56.96 million for the quarter, compared to analyst estimates of $52.93 million. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) earnings per share. On average, equities research analysts anticipate that ORBCOMM Inc. will post ($0.36) earnings per share for the current year.
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A number of brokerages have issued reports on ORBC. Craig Hallum set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a research report on Tuesday, June 13th. Benchmark Co. began coverage on ORBCOMM in a research report on Tuesday, April 25th. They set a “buy” rating and a $13.00 target price for the company. ValuEngine cut ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 11th. Zacks Investment Research raised ORBCOMM from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $14.00 target price on shares of ORBCOMM in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. ORBCOMM currently has an average rating of “Buy” and a consensus target price of $12.90.
In related news, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $11.51, for a total transaction of $80,570.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Marc Eisenberg sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $10.53, for a total value of $315,900.00. Following the transaction, the chief executive officer now directly owns 215,321 shares in the company, valued at $2,267,330.13. The disclosure for this sale can be found here. Insiders have sold a total of 50,304 shares of company stock worth $537,770 over the last three months. 9.50% of the stock is owned by insiders.
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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