Orbcomm Inc. (NASDAQ:ORBC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “
ORBC has been the subject of several other research reports. Canaccord Genuity restated a “buy” rating and issued a $15.00 price target on shares of Orbcomm in a research note on Monday, September 12th. Chardan Capital reiterated a “buy” rating and set a $11.50 target price on shares of Orbcomm in a research note on Monday, August 8th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $12.05.
Orbcomm (NASDAQ:ORBC) opened at 9.83 on Thursday. Orbcomm has a 1-year low of $5.73 and a 1-year high of $10.98. The firm’s 50 day moving average price is $10.04 and its 200-day moving average price is $9.91. The stock’s market cap is $697.79 million.
Orbcomm (NASDAQ:ORBC) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by $0.02. The business earned $50.10 million during the quarter, compared to analyst estimates of $49 million. Orbcomm had a negative return on equity of 1.08% and a negative net margin of 2.41%. The business’s revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) EPS. On average, equities analysts anticipate that Orbcomm will post ($0.15) earnings per share for the current year.
In other Orbcomm news, Director Jerome B. Eisenberg sold 5,000 shares of the company’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $10.06, for a total value of $50,300.00. Following the completion of the transaction, the director now owns 993,791 shares in the company, valued at $9,997,537.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.50% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ORBC. Vanguard Group Inc. increased its position in Orbcomm by 1.4% in the second quarter. Vanguard Group Inc. now owns 4,909,616 shares of the company’s stock valued at $48,851,000 after buying an additional 68,626 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Orbcomm by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,526,780 shares of the company’s stock valued at $45,041,000 after buying an additional 134,784 shares in the last quarter. Franklin Resources Inc. increased its position in Orbcomm by 6.8% in the second quarter. Franklin Resources Inc. now owns 2,433,400 shares of the company’s stock valued at $24,212,000 after buying an additional 155,900 shares in the last quarter. BlackRock Fund Advisors increased its position in Orbcomm by 8.5% in the second quarter. BlackRock Fund Advisors now owns 1,963,747 shares of the company’s stock valued at $19,539,000 after buying an additional 153,165 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Orbcomm by 199.5% in the first quarter. Wellington Management Group LLP now owns 1,855,248 shares of the company’s stock valued at $18,794,000 after buying an additional 1,235,848 shares in the last quarter. Institutional investors own 81.25% of the company’s stock.
ORBCOMM Inc is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal 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 the transportation and distribution, heavy equipment, oil and gas, maritime and government industries.