TIAA CREF Investment Management LLC reduced its stake in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 8.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 173,475 shares of the technology company’s stock after selling 15,250 shares during the period. TIAA CREF Investment Management LLC’s holdings in ORBCOMM were worth $1,657,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. FMR LLC increased its position in shares of ORBCOMM by 1,486.7% in the first quarter. FMR LLC now owns 555,347 shares of the technology company’s stock valued at $5,304,000 after buying an additional 520,347 shares during the period. Principal Financial Group Inc. boosted its stake in shares of 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. Cortina Asset Management LLC boosted its stake in shares of 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. RK Capital Management LLC boosted its stake in shares of ORBCOMM by 47.8% in the first quarter. RK Capital Management LLC now owns 957,823 shares of the technology company’s stock valued at $9,147,000 after buying an additional 309,600 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of ORBCOMM during the first quarter valued at $208,000. Institutional investors and hedge funds own 80.40% of the company’s stock.

Shares of ORBCOMM Inc. (ORBC) traded up 0.5499% on Friday, reaching $10.9901. 30,576 shares of the company’s stock traded hands. ORBCOMM Inc. has a 52-week low of $7.15 and a 52-week high of $11.99. The stock’s market cap is $807.75 million. The firm’s 50-day moving average is $11.39 and its 200-day moving average is $9.85.

ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.05. The firm had revenue of $56.96 million during the quarter, compared to the consensus estimate of $52.93 million. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.06) earnings per share. Analysts anticipate that ORBCOMM Inc. will post ($0.36) EPS for the current fiscal year.

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A number of analysts have commented on ORBC shares. Benchmark Co. started coverage on shares of ORBCOMM in a research report on Tuesday, April 25th. They set a “buy” rating and a $13.00 price target on the stock. Canaccord Genuity reissued a “buy” rating and set a $14.00 price objective on shares of ORBCOMM in a research report on Thursday, August 3rd. Craig Hallum set a $13.00 price objective on shares of ORBCOMM and gave the stock a “buy” rating in a research report on Tuesday, June 13th. ValuEngine raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research lowered shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, May 10th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $12.90.

In other ORBCOMM news, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $11.51, for a total value of $80,570.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Eisenberg sold 30,000 shares of the company’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 transaction of $315,900.00. Following the completion of the transaction, the chief executive officer now owns 215,321 shares of the company’s stock, valued at $2,267,330.13. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,304 shares of company stock valued at $537,770. Company insiders own 9.50% of the company’s stock.

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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Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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