ORBCOMM Inc. (ORBC) Stake Decreased by Shufro Rose & Co. LLC
Shufro Rose & Co. LLC cut its position in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 15.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,900 shares of the technology company’s stock after selling 6,800 shares during the period. Shufro Rose & Co. LLC’s holdings in ORBCOMM were worth $386,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in ORBC. SG Americas Securities LLC acquired a new position in shares of ORBCOMM during the 3rd quarter worth about $107,000. Principal Financial Group Inc. increased its stake in shares of ORBCOMM by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock worth $115,000 after purchasing an additional 447 shares during the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of ORBCOMM during the 2nd quarter worth about $120,000. Legal & General Group Plc increased its stake in shares of ORBCOMM by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after purchasing an additional 670 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in ORBCOMM in the 3rd quarter valued at about $218,000. Institutional investors own 77.74% of the company’s stock.
In other ORBCOMM news, EVP John J. Stolte, Jr. sold 39,230 shares of the stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $10.45, for a total transaction of $409,953.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $10.55, for a total transaction of $73,850.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,230 shares of company stock worth $638,714. 9.50% of the stock is owned by company insiders.
ORBC has been the topic of a number of research reports. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a research note on Wednesday, November 8th. Canaccord Genuity upped their price target on shares of ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, September 11th. Finally, Northland Securities set a $13.00 price target on shares of ORBCOMM and gave the company a “buy” rating in a research note on Monday, August 28th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $13.25.
ORBCOMM Inc. (NASDAQ:ORBC) opened at $10.74 on Friday. ORBCOMM Inc. has a 52 week low of $7.77 and a 52 week high of $11.99. The company has a quick ratio of 2.21, a current ratio of 2.79 and a debt-to-equity ratio of 0.99.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). ORBCOMM had a negative net margin of 25.32% and a negative return on equity of 8.01%. The company had revenue of $69.37 million during the quarter, compared to analyst estimates of $65.62 million. During the same quarter last year, the company posted ($0.04) EPS. The firm’s quarterly revenue was up 49.9% on a year-over-year basis. sell-side analysts forecast that ORBCOMM Inc. will post -0.84 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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