Zacks Investment Research Downgrades ORBCOMM Inc. (ORBC) to Sell
ORBCOMM Inc. (NASDAQ:ORBC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “
A number of other research analysts also recently commented on the company. Canaccord Genuity boosted their target price on ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, September 11th. Craig Hallum set a $13.00 target price on ORBCOMM and gave the company a “buy” rating in a research note on Tuesday, June 13th. Northland Securities set a $13.00 price target on ORBCOMM and gave the stock a “buy” rating in a research note on Monday, August 28th. Finally, ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. ORBCOMM currently has a consensus rating of “Buy” and a consensus price target of $13.25.
Shares of ORBCOMM (NASDAQ:ORBC) opened at 11.66 on Wednesday. The firm’s market capitalization is $856.99 million. ORBCOMM has a 52 week low of $7.15 and a 52 week high of $11.99. The firm has a 50-day moving average price of $10.79 and a 200-day moving average price of $10.50.
ORBCOMM (NASDAQ:ORBC) last issued its earnings results on Thursday, August 3rd. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.05). ORBCOMM had a negative net margin of 15.52% and a negative return on equity of 6.16%. The firm had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $52.93 million. During the same quarter last year, the firm earned ($0.06) EPS. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities analysts expect that ORBCOMM will post ($0.35) earnings per share for the current fiscal year.
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In related news, CFO Robert G. Costantini sold 140,169 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $11.26, for a total transaction of $1,578,302.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brun Christian Le sold 82,901 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $11.17, for a total value of $926,004.17. The disclosure for this sale can be found here. In the last quarter, insiders have sold 503,864 shares of company stock valued at $5,651,195. 9.50% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in ORBCOMM by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after purchasing an additional 447 shares during the period. TIAA CREF Investment Management LLC boosted its stake in ORBCOMM by 0.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 174,025 shares of the technology company’s stock valued at $1,966,000 after purchasing an additional 550 shares during the period. Paloma Partners Management Co boosted its stake in ORBCOMM by 3.3% during the 1st quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after purchasing an additional 644 shares during the period. Legal & General Group Plc boosted its stake in ORBCOMM by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after purchasing an additional 670 shares during the period. Finally, Rhumbline Advisers boosted its stake in ORBCOMM by 1.7% during the 2nd quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock valued at $829,000 after purchasing an additional 1,235 shares during the period. Hedge funds and other institutional investors own 77.21% of the company’s stock.
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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