State Street Corp boosted its holdings in ORBCOMM Inc. (NASDAQ:ORBC) by 6.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,250,722 shares of the technology company’s stock after acquiring an additional 76,762 shares during the quarter. State Street Corp owned 1.70% of ORBCOMM worth $14,137,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of ORBC. Principal Financial Group Inc. increased its stake in ORBCOMM by 3.9% in the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after acquiring an additional 447 shares during the period. PNC Financial Services Group Inc. bought a new stake in ORBCOMM in the second quarter valued at about $120,000. Legal & General Group Plc increased its stake in ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after acquiring an additional 670 shares during the period. Paloma Partners Management Co increased its stake in ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after acquiring an additional 644 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in ORBCOMM in the second quarter valued at about $226,000. 76.00% of the stock is currently owned by institutional investors and hedge funds.
In other ORBCOMM news, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $10.55, for a total transaction of $73,850.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 21,000 shares of company stock worth $231,560 over the last ninety days. Insiders own 9.50% of the company’s stock.
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Shares of ORBCOMM Inc. (NASDAQ ORBC) opened at $10.25 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.79 and a quick ratio of 2.21. ORBCOMM Inc. has a 52 week low of $7.77 and a 52 week high of $11.99.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). The firm had revenue of $69.37 million for 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%. ORBCOMM’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.04) earnings per share. analysts forecast that ORBCOMM Inc. will post -0.84 earnings per share for the current year.
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.
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