Deschutes Portfolio Strategy LLC Acquires 2,775 Shares of ORBCOMM Inc. (ORBC)
Deschutes Portfolio Strategy LLC raised its stake in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 7.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,685 shares of the technology company’s stock after buying an additional 2,775 shares during the period. Deschutes Portfolio Strategy LLC owned 0.06% of ORBCOMM worth $448,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of ORBCOMM by 16.6% in the first quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock valued at $55,424,000 after buying an additional 824,761 shares during the last quarter. Pax World Management LLC acquired a new position in shares of ORBCOMM during the second quarter valued at $8,743,000. FMR LLC raised its position in shares of ORBCOMM by 1,486.7% in the first quarter. FMR LLC now owns 555,347 shares of the technology company’s stock valued at $5,304,000 after buying an additional 520,347 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of ORBCOMM by 387.8% in the first quarter. Renaissance Technologies LLC now owns 509,786 shares of the technology company’s stock valued at $4,868,000 after buying an additional 405,286 shares during the last quarter. Finally, Pier Capital LLC acquired a new position in shares of ORBCOMM during the first quarter valued at $3,132,000. 78.48% of the stock is currently owned by hedge funds and other institutional investors.
ORBCOMM Inc. (NASDAQ ORBC) opened at 11.05 on Wednesday. ORBCOMM Inc. has a 52-week low of $7.15 and a 52-week high of $11.99. The stock has a 50 day moving average of $11.33 and a 200-day moving average of $10.08. The company’s market cap is $812.15 million.
ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.05. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The business had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $52.93 million. During the same period in the prior year, the firm posted ($0.06) EPS. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, analysts forecast that ORBCOMM Inc. will post ($0.36) EPS for the current year.
Several equities analysts recently weighed in on ORBC shares. Zacks Investment Research raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Friday, July 14th. ValuEngine lowered shares of ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 11th. Craig Hallum set a $13.00 price objective on shares of ORBCOMM and gave the company a “buy” rating in a research report on Tuesday, June 13th. Canaccord Genuity reaffirmed a “buy” rating and set a $14.00 price objective on shares of ORBCOMM in a research report on Thursday, August 3rd. Finally, Northland Securities set a $13.00 price objective on shares of ORBCOMM and gave the company a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $12.92.
In other ORBCOMM news, SVP Constantine Milcos sold 13,832 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $11.27, for a total value of $155,886.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Marc Eisenberg sold 30,000 shares of the business’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $10.53, for a total value of $315,900.00. Following the completion of the transaction, the chief executive officer now directly owns 215,321 shares in the company, valued at approximately $2,267,330.13. The disclosure for this sale can be found here. In the last three months, insiders sold 526,864 shares of company stock worth $5,894,015. Insiders own 9.50% 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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