Zacks Investment Research Upgrades Orbcomm Inc. (ORBC) to Hold
Orbcomm Inc. (NASDAQ:ORBC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Thursday.
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. “
Several other research firms have also recently weighed in on ORBC. Chardan Capital reissued a “buy” rating and issued a $11.50 price objective on shares of Orbcomm in a research report on Monday, August 8th. Canaccord Genuity reissued a “buy” rating and issued a $15.00 price objective on shares of Orbcomm in a research report on Wednesday, August 10th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $12.05.
Shares of Orbcomm (NASDAQ:ORBC) opened at 9.95 on Thursday. Orbcomm has a 12-month low of $5.73 and a 12-month high of $10.98. The firm’s market capitalization is $706.31 million. The company has a 50-day moving average of $10.06 and a 200 day moving average of $9.90.
Orbcomm (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by $0.02. Orbcomm had a negative net margin of 2.41% and a negative return on equity of 1.08%. The business earned $50.10 million during the quarter, compared to the consensus estimate of $49 million. During the same period in the prior year, the company posted ($0.17) earnings per share. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, analysts predict that Orbcomm will post ($0.15) EPS for the current year.
In related news, Director Jerome B. Eisenberg sold 5,000 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $10.06, for a total value of $50,300.00. Following the completion of the transaction, the director now directly owns 993,791 shares of the company’s stock, valued at $9,997,537.46. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in Orbcomm by 3.7% in the second quarter. Principal Financial Group Inc. now owns 11,367 shares of the company’s stock valued at $113,000 after buying an additional 401 shares in the last quarter. Cupps Capital Management LLC raised its position in Orbcomm by 62.0% in the first quarter. Cupps Capital Management LLC now owns 17,360 shares of the company’s stock valued at $175,000 after buying an additional 6,645 shares in the last quarter. State Board of Administration of Florida Retirement System bought a new position in Orbcomm during the second quarter valued at about $189,000. Barclays PLC raised its position in Orbcomm by 39.7% in the second quarter. Barclays PLC now owns 21,720 shares of the company’s stock valued at $217,000 after buying an additional 6,175 shares in the last quarter. Finally, Suntrust Banks Inc. bought a new position in Orbcomm during the second quarter valued at about $226,000. Hedge funds and other institutional investors own 81.25% of the company’s stock.
Orbcomm Company Profile
ORBCOMM Inc is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal 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 the transportation and distribution, heavy equipment, oil and gas, maritime and government industries.
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