Jennison Associates LLC Takes $290,000 Position in ORBCOMM Inc (ORBC)
Jennison Associates LLC acquired a new stake in ORBCOMM Inc (NASDAQ:ORBC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 28,686 shares of the technology company’s stock, valued at approximately $290,000.
Several other large investors also recently added to or reduced their stakes in ORBC. Millennium Management LLC increased its stake in shares of ORBCOMM by 1,095.0% in the 1st quarter. Millennium Management LLC now owns 792,507 shares of the technology company’s stock valued at $7,426,000 after acquiring an additional 726,191 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of ORBCOMM by 4,111.0% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 701,259 shares of the technology company’s stock valued at $7,083,000 after acquiring an additional 684,606 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of ORBCOMM by 41.9% in the 1st quarter. Thrivent Financial for Lutherans now owns 669,353 shares of the technology company’s stock valued at $6,272,000 after acquiring an additional 197,553 shares in the last quarter. Employees Retirement System of Texas bought a new stake in shares of ORBCOMM in the 1st quarter valued at $1,584,000. Finally, Sumitomo Mitsui Asset Management Company LTD bought a new stake in shares of ORBCOMM in the 2nd quarter valued at $1,553,000. Institutional investors own 73.67% of the company’s stock.
ORBC has been the subject of several research analyst reports. Zacks Investment Research lowered shares of ORBCOMM from a “hold” rating to a “sell” rating in a research note on Wednesday, July 4th. BidaskClub upgraded shares of ORBCOMM from a “hold” rating to a “buy” rating in a research note on Saturday, July 7th. Finally, ValuEngine upgraded shares of ORBCOMM from a “hold” rating to a “buy” rating in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. ORBCOMM currently has a consensus rating of “Buy” and a consensus price target of $14.00.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings results on Wednesday, August 1st. The technology company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). The business had revenue of $70.79 million for the quarter, compared to the consensus estimate of $71.14 million. ORBCOMM had a negative net margin of 22.71% and a negative return on equity of 12.82%. The business’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.15) EPS. analysts forecast that ORBCOMM Inc will post -0.27 EPS for the current year.
In other ORBCOMM news, Director Jerome B. Eisenberg sold 5,000 shares of the business’s stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $10.06, for a total transaction of $50,300.00. Following the completion of the sale, the director now owns 944,998 shares in the company, valued at approximately $9,506,679.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 15,000 shares of company stock valued at $145,450 in the last 90 days. 7.80% of the stock is currently owned by company insiders.
ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers solutions, including network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, including trailers, trucks, rail cars, sea containers, power generators, fluid tanks, marine vessels, diesel or electric powered generators, 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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