Griffin Asset Management Inc. Buys New Position in ORBCOMM Inc. (ORBC)
Griffin Asset Management Inc. bought a new stake in shares of ORBCOMM Inc. (NASDAQ:ORBC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 360,315 shares of the technology company’s stock, valued at approximately $3,772,000. Griffin Asset Management Inc. owned 0.49% of ORBCOMM as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in ORBC. California Public Employees Retirement System raised its stake in ORBCOMM by 5.1% during the 1st quarter. California Public Employees Retirement System now owns 95,500 shares of the technology company’s stock valued at $912,000 after purchasing an additional 4,600 shares during the period. Geode Capital Management LLC increased its stake in shares of ORBCOMM by 5.0% in the first quarter. Geode Capital Management LLC now owns 519,817 shares of the technology company’s stock worth $4,964,000 after acquiring an additional 24,908 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of ORBCOMM by 17.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 233,021 shares of the technology company’s stock worth $2,226,000 after acquiring an additional 34,386 shares during the last quarter. Rhumbline Advisers increased its stake in shares of ORBCOMM by 1.7% in the second quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock worth $829,000 after acquiring an additional 1,235 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of ORBCOMM by 13.8% in the second quarter. Bank of New York Mellon Corp now owns 658,382 shares of the technology company’s stock worth $7,439,000 after acquiring an additional 79,649 shares during the last quarter. 77.83% of the stock is currently owned by institutional investors.
ORBC has been the topic of a number of research reports. ValuEngine raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a research note on Wednesday, November 8th. Canaccord Genuity upped their price target on shares of ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. Finally, Northland Securities set a $13.00 price target on shares of ORBCOMM and gave the stock a “buy” rating in a research note on Monday, August 28th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $13.25.
ORBCOMM Inc. (NASDAQ ORBC) opened at $10.06 on Tuesday. ORBCOMM Inc. has a one year low of $7.77 and a one year high of $11.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.21 and a current ratio of 2.79.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). The business had revenue of $69.37 million during the quarter, compared to the consensus estimate of $65.62 million. ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.04) earnings per share. research analysts forecast that ORBCOMM Inc. will post -0.84 EPS for the current year.
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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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