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. “
A number of other equities analysts also recently commented on ORBC. Canaccord Genuity reiterated a buy rating and issued a $15.00 target price on shares of Orbcomm in a research note on Monday, September 12th. Chardan Capital reiterated a buy rating and issued 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 company currently has a consensus rating of Buy and an average price target of $12.05.
Shares of Orbcomm (NASDAQ:ORBC) opened at 9.91 on Thursday. Orbcomm has a 52 week low of $5.73 and a 52 week high of $10.98. The firm has a 50-day moving average price of $10.03 and a 200-day moving average price of $9.93. The stock’s market cap is $703.47 million.
Orbcomm (NASDAQ:ORBC) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by $0.02. The firm earned $50.10 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.17) earnings per share. On average, analysts forecast that Orbcomm will post ($0.15) earnings per share for the current fiscal year.
In other Orbcomm news, Director Jerome B. Eisenberg sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $10.06, for a total transaction of $50,300.00. Following the completion of the sale, the director now owns 993,791 shares in the company, valued at approximately $9,997,537.46. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 9.50% of the company’s stock.
A number of large investors have recently modified their holdings of ORBC. Loomis Sayles & Co. L P purchased a new position in Orbcomm during the second quarter worth approximately $13,201,000. 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 worth $18,794,000 after buying an additional 1,235,848 shares in the last quarter. Lebenthal Asset Management LLC purchased a new position in Orbcomm during the second quarter worth approximately $8,803,000. Adage Capital Partners GP L.L.C. increased its position in Orbcomm by 219.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 979,228 shares of the company’s stock worth $9,920,000 after buying an additional 672,375 shares in the last quarter. Finally, Goodman Financial Corp purchased a new position in Orbcomm during the second quarter worth approximately $5,536,000. Hedge funds and other institutional investors own 81.25% of the company’s stock.
Orbcomm Company Profile
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.
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