ORBCOMM Inc. (ORBC) Stake Increased by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. lifted its holdings in ORBCOMM Inc. (NASDAQ:ORBC) by 35.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 316,736 shares of the technology company’s stock after purchasing an additional 83,715 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.44% of ORBCOMM worth $3,580,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of ORBC. Vanguard Group Inc. boosted its position in shares of ORBCOMM by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock worth $55,424,000 after purchasing an additional 824,761 shares in the last quarter. FMR LLC boosted its position in shares of ORBCOMM by 1,486.7% in the 1st quarter. FMR LLC now owns 555,347 shares of the technology company’s stock worth $5,304,000 after purchasing an additional 520,347 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of ORBCOMM by 387.8% in the 1st quarter. Renaissance Technologies LLC now owns 509,786 shares of the technology company’s stock worth $4,868,000 after purchasing an additional 405,286 shares in the last quarter. Columbia Partners L L C Investment Management acquired a new stake in shares of ORBCOMM in the 1st quarter worth $962,000. Finally, Jane Street Group LLC acquired a new stake in shares of ORBCOMM in the 1st quarter worth $518,000. 77.21% of the stock is owned by hedge funds and other institutional investors.
In other ORBCOMM news, SVP Constantine Milcos sold 13,832 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $11.27, for a total value of $155,886.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $11.51, for a total transaction of $80,570.00. The disclosure for this sale can be found here. Insiders sold 503,864 shares of company stock valued at $5,651,195 in the last 90 days. 9.50% of the stock is currently owned by insiders.
A number of analysts have recently weighed in on the company. Canaccord Genuity reissued a “buy” rating and issued a $14.00 price objective on shares of ORBCOMM in a research report on Thursday, August 3rd. Zacks Investment Research raised ORBCOMM from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Northland Securities set a $13.00 price objective on ORBCOMM and gave the stock a “buy” rating in a research report on Monday, August 28th. Finally, ValuEngine raised ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $13.25.
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ORBCOMM Inc. (NASDAQ:ORBC) opened at 11.31 on Thursday. ORBCOMM Inc. has a 52 week low of $7.15 and a 52 week high of $11.99. The company has a 50-day moving average price of $10.92 and a 200-day moving average price of $10.66. The stock’s market cap is $831.26 million.
ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $56.96 million during the quarter, compared to analyst estimates of $52.93 million. During the same quarter in the prior year, the company earned ($0.06) EPS. The business’s revenue was up 13.8% on a year-over-year basis. Equities research analysts anticipate that ORBCOMM Inc. will post ($0.36) EPS for the current year.
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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