ORBCOMM Inc. (ORBC) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of ORBCOMM Inc. (NASDAQ:ORBC) from a sell rating to a hold rating in a research note released 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 firms have also issued reports on ORBC. Canaccord Genuity reiterated a buy rating and set a $14.00 price objective on shares of ORBCOMM in a research note on Thursday, August 3rd. ValuEngine upgraded shares of ORBCOMM from a sell rating to a hold rating in a research note on Friday, September 1st. Finally, Northland Securities set a $13.00 price objective on shares of ORBCOMM and gave the company a buy rating in a research note on Monday, August 28th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $13.25.
Shares of ORBCOMM (NASDAQ ORBC) traded up $0.20 during mid-day trading on Wednesday, reaching $10.01. 1,311,500 shares of the company’s stock were exchanged, compared to its average volume of 632,306. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.21 and a current ratio of 2.79. ORBCOMM has a 1 year low of $7.77 and a 1 year high of $11.99.
ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $69.37 million for the quarter, compared to analysts’ expectations of $65.62 million. ORBCOMM had a negative net margin of 25.32% and a negative return on equity of 8.01%. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.04) EPS. equities research analysts anticipate that ORBCOMM will post -0.73 earnings per share for the current fiscal year.
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In related news, EVP Brun Christian Le sold 65,000 shares of ORBCOMM stock in a transaction on Monday, August 14th. The shares were sold at an average price of $11.15, for a total value of $724,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert G. Costantini sold 140,169 shares of ORBCOMM stock in a transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 503,864 shares of company stock valued at $5,650,845. Insiders own 9.50% of the company’s stock.
Several large investors have recently modified their holdings of ORBC. UBS Asset Management Americas Inc. increased 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. Parametric Portfolio Associates LLC increased its stake in ORBCOMM by 18.7% during the first quarter. Parametric Portfolio Associates LLC now owns 24,493 shares of the technology company’s stock valued at $234,000 after purchasing an additional 3,858 shares during the last quarter. Prudential Financial Inc. increased its stake in ORBCOMM by 9.8% during the first quarter. Prudential Financial Inc. now owns 77,646 shares of the technology company’s stock valued at $742,000 after purchasing an additional 6,900 shares during the last quarter. American International Group Inc. increased its stake in ORBCOMM by 7.1% during the first quarter. American International Group Inc. now owns 39,814 shares of the technology company’s stock valued at $380,000 after purchasing an additional 2,637 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in ORBCOMM by 3.9% during the first 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 last quarter. Institutional investors and hedge funds own 77.48% 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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