BlackRock Inc. Increases Stock Position in ORBCOMM Inc (NASDAQ:ORBC)

BlackRock Inc. lifted its holdings in ORBCOMM Inc (NASDAQ:ORBC) by 1.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 5,636,186 shares of the technology company’s stock after purchasing an additional 61,145 shares during the period. BlackRock Inc. owned about 7.07% of ORBCOMM worth $40,863,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Fund Management S.A. purchased a new stake in shares of ORBCOMM in the 2nd quarter worth approximately $82,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of ORBCOMM in the 2nd quarter worth approximately $95,000. M&T Bank Corp lifted its position in shares of ORBCOMM by 34.8% in the 2nd quarter. M&T Bank Corp now owns 21,930 shares of the technology company’s stock worth $158,000 after purchasing an additional 5,659 shares during the period. Menta Capital LLC purchased a new stake in shares of ORBCOMM in the 2nd quarter worth approximately $171,000. Finally, Trexquant Investment LP lifted its position in shares of ORBCOMM by 87.3% in the 2nd quarter. Trexquant Investment LP now owns 24,550 shares of the technology company’s stock worth $178,000 after purchasing an additional 11,446 shares during the period. 86.05% of the stock is owned by hedge funds and other institutional investors.

In other news, CFO Constantine Milcos bought 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was bought at an average price of $5.25 per share, with a total value of $78,750.00. Following the completion of the transaction, the chief financial officer now directly owns 48,367 shares of the company’s stock, valued at approximately $253,926.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 7.30% of the company’s stock.

NASDAQ:ORBC opened at $4.41 on Friday. ORBCOMM Inc has a 52 week low of $4.33 and a 52 week high of $10.47. The firm has a 50 day moving average of $4.86 and a 200 day moving average of $6.44. The company has a quick ratio of 2.42, a current ratio of 3.04 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $353.71 million, a price-to-earnings ratio of -13.36 and a beta of 1.06.

ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Wednesday, July 31st. The technology company reported ($0.08) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.08). ORBCOMM had a negative net margin of 7.71% and a negative return on equity of 8.16%. The company had revenue of $67.10 million during the quarter, compared to analysts’ expectations of $67.40 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share. ORBCOMM’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, analysts expect that ORBCOMM Inc will post -0.22 EPS for the current year.

Several equities research analysts have recently weighed in on the stock. BidaskClub cut shares of ORBCOMM from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Zacks Investment Research cut shares of ORBCOMM from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Finally, Craig Hallum raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $7.50 target price for the company in a research report on Thursday, August 22nd. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $8.75.

ORBCOMM Company Profile

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, such as trailers, trucks, rail cars, sea containers, power generators, fluid tanks, marine vessels, diesel or electric powered generators, oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters in transportation and supply chain, heavy equipment, fixed asset monitoring, and maritime industries, as well as for governments.

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Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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