ORBCOMM Inc. (ORBC) Stake Decreased by Morgan Stanley
Morgan Stanley cut its stake in ORBCOMM Inc. (NASDAQ:ORBC) by 36.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 194,973 shares of the technology company’s stock after selling 110,339 shares during the period. Morgan Stanley owned approximately 0.27% of ORBCOMM worth $1,862,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in ORBC. Teachers Advisors LLC increased its position in ORBCOMM by 9.3% in the fourth quarter. Teachers Advisors LLC now owns 113,021 shares of the technology company’s stock worth $935,000 after buying an additional 9,600 shares during the last quarter. Wells Fargo & Company MN increased its position in ORBCOMM by 8.8% in the first quarter. Wells Fargo & Company MN now owns 135,604 shares of the technology company’s stock worth $1,295,000 after buying an additional 11,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in ORBCOMM by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 578,733 shares of the technology company’s stock worth $5,526,000 after buying an additional 40,751 shares during the last quarter. Suntrust Banks Inc. increased its position in ORBCOMM by 8.1% in the first quarter. Suntrust Banks Inc. now owns 37,523 shares of the technology company’s stock worth $357,000 after buying an additional 2,807 shares during the last quarter. Finally, Swiss National Bank increased its position in ORBCOMM by 5.0% in the first quarter. Swiss National Bank now owns 105,100 shares of the technology company’s stock worth $1,004,000 after buying an additional 5,000 shares during the last quarter. Institutional investors own 78.48% of the company’s stock.
Shares of ORBCOMM Inc. (ORBC) traded down 0.09% on Wednesday, reaching $11.04. The company had a trading volume of 63,535 shares. The stock has a 50-day moving average price of $11.33 and a 200-day moving average price of $10.08. The stock’s market cap is $811.42 million. ORBCOMM Inc. has a 12 month low of $7.15 and a 12 month high of $11.99.
ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Thursday, August 3rd. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $56.96 million during the quarter, compared to the consensus estimate of $52.93 million. During the same period last year, the firm posted ($0.06) EPS. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. Analysts predict that ORBCOMM Inc. will post ($0.36) earnings per share for the current fiscal year.
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ORBC has been the subject of a number of research reports. Northland Securities set a $13.00 price objective on ORBCOMM and gave the stock a “buy” rating in a report on Monday. Craig Hallum set a $13.00 price objective on ORBCOMM and gave the stock a “buy” rating in a report on Tuesday, June 13th. Canaccord Genuity reiterated a “buy” rating and set a $14.00 price objective on shares of ORBCOMM in a report on Thursday, August 3rd. Zacks Investment Research upgraded ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Friday, July 14th. Finally, ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $12.92.
In other ORBCOMM news, CEO Marc Eisenberg sold 30,000 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $10.53, for a total value of $315,900.00. Following the sale, the chief executive officer now owns 215,321 shares in the company, valued at approximately $2,267,330.13. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $11.51, for a total transaction of $80,570.00. The disclosure for this sale can be found here. Insiders have sold a total of 526,864 shares of company stock worth $5,894,015 in the last quarter. Corporate 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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