Rhumbline Advisers Has $829,000 Position in ORBCOMM Inc. (ORBC)
Rhumbline Advisers boosted its position in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 1.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 73,374 shares of the technology company’s stock after buying an additional 1,235 shares during the quarter. Rhumbline Advisers owned approximately 0.10% of ORBCOMM worth $829,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in ORBC. Vanguard Group Inc. grew its position in ORBCOMM by 16.6% during 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 period. FMR LLC grew its position in ORBCOMM by 1,486.7% during 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 period. Renaissance Technologies LLC grew its position in ORBCOMM by 387.8% during 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 period. Weiss Multi Strategy Advisers LLC acquired a new stake in ORBCOMM during the first quarter valued at $2,626,000. Finally, Raging Capital Management LLC grew its position in ORBCOMM by 12.8% during the first quarter. Raging Capital Management LLC now owns 1,248,899 shares of the technology company’s stock valued at $11,927,000 after buying an additional 141,660 shares during the period. Institutional investors own 77.21% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This news story was first reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this news story on another publication, it was copied illegally and reposted in violation of U.S. and international trademark and copyright laws. The legal version of this news story can be read at https://www.thecerbatgem.com/2017/09/28/rhumbline-advisers-has-829000-position-in-orbcomm-inc-orbc.html.
Several research firms recently commented on ORBC. Zacks Investment Research upgraded shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Friday, July 14th. Canaccord Genuity reiterated a “buy” rating and issued a $14.00 target price on shares of ORBCOMM in a research report on Thursday, August 3rd. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Northland Securities set a $13.00 target price on shares of ORBCOMM and gave the company a “buy” rating in a research report on Monday, August 28th. Finally, Craig Hallum set a $13.00 target price on shares of ORBCOMM and gave the company a “buy” rating in a research report on Tuesday, June 13th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $13.25.
Shares of ORBCOMM Inc. (NASDAQ ORBC) opened at 10.55 on Thursday. ORBCOMM Inc. has a 12 month low of $7.15 and a 12 month high of $11.99. The stock has a 50 day moving average of $11.00 and a 200 day moving average of $10.40. The firm’s market cap is $775.40 million.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.05). The company had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $52.93 million. ORBCOMM had a negative net margin of 15.52% and a negative return on equity of 6.16%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.06) EPS. On average, equities research analysts expect that ORBCOMM Inc. will post ($0.35) EPS for the current fiscal year.
In other news, CFO Robert G. Costantini sold 140,169 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $11.26, for a total value of $1,578,302.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $11.18, for a total transaction of $78,260.00. Following the completion of the transaction, the director now owns 962,780 shares of the company’s stock, valued at approximately $10,763,880.40. The disclosure for this sale can be found here. Insiders sold a total of 503,864 shares of company stock valued at $5,655,605 in the last quarter. Insiders own 9.50% of the company’s stock.
ORBCOMM Company Profile
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.
Want to see what other hedge funds are holding ORBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ORBCOMM Inc. (NASDAQ:ORBC).
Receive News & Stock Ratings for ORBCOMM Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ORBCOMM Inc. and related stocks with our FREE daily email newsletter.