ORBCOMM (ORBC) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Share on StockTwits

ORBCOMM (NASDAQ:ORBC) announced its quarterly earnings results on Wednesday. The technology company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.01), MarketWatch Earnings reports. The firm had revenue of $66.04 million for the quarter, compared to the consensus estimate of $65.91 million. ORBCOMM had a negative net margin of 9.51% and a negative return on equity of 10.08%. ORBCOMM’s revenue was down 2.9% on a year-over-year basis. During the same period last year, the business earned ($0.13) EPS. ORBCOMM updated its Q2 2019 guidance to EPS.

Shares of ORBCOMM stock traded up $0.18 on Thursday, hitting $7.77. 42,185 shares of the company’s stock were exchanged, compared to its average volume of 880,970. The stock has a market capitalization of $574.98 million, a PE ratio of -23.65 and a beta of 0.99. ORBCOMM has a 1 year low of $6.19 and a 1 year high of $11.25. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.82 and a quick ratio of 2.22.

In other news, CAO Constantine Milcos sold 4,161 shares of ORBCOMM stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $7.16, for a total transaction of $29,792.76. Following the transaction, the chief accounting officer now owns 32,846 shares in the company, valued at approximately $235,177.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John J. Stolte, Jr. sold 4,207 shares of ORBCOMM stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $7.16, for a total transaction of $30,122.12. Following the transaction, the executive vice president now owns 109,788 shares in the company, valued at approximately $786,082.08. The disclosure for this sale can be found here. Insiders have sold a total of 37,581 shares of company stock worth $269,080 in the last quarter. Corporate insiders own 7.30% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of ORBCOMM by 1.0% during the 4th quarter. BlackRock Inc. now owns 5,948,990 shares of the technology company’s stock valued at $49,139,000 after buying an additional 60,089 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of ORBCOMM by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,642,643 shares of the technology company’s stock valued at $30,088,000 after buying an additional 68,369 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of ORBCOMM by 1,064,833.3% during the 3rd quarter. Clearbridge Investments LLC now owns 1,597,400 shares of the technology company’s stock valued at $17,348,000 after buying an additional 1,597,250 shares in the last quarter. Northern Trust Corp lifted its stake in shares of ORBCOMM by 3.0% during the 4th quarter. Northern Trust Corp now owns 1,097,891 shares of the technology company’s stock valued at $9,069,000 after buying an additional 31,790 shares in the last quarter. Finally, FMR LLC lifted its stake in shares of ORBCOMM by 25.0% during the 4th quarter. FMR LLC now owns 1,047,947 shares of the technology company’s stock valued at $8,656,000 after buying an additional 209,600 shares in the last quarter. Institutional investors and hedge funds own 84.55% of the company’s stock.

A number of equities research analysts have commented on ORBC shares. Royal Bank of Canada reaffirmed a “buy” rating on shares of ORBCOMM in a research report on Thursday, January 3rd. Roth Capital reaffirmed a “buy” rating on shares of ORBCOMM in a research report on Monday, March 4th. TheStreet downgraded shares of ORBCOMM from a “c-” rating to a “d+” rating in a research report on Friday, March 1st. ValuEngine downgraded shares of ORBCOMM from a “buy” rating to a “hold” rating in a research report on Tuesday, January 22nd. Finally, Craig Hallum downgraded shares of ORBCOMM from a “buy” rating to a “hold” rating and cut their target price for the stock from $13.00 to $8.50 in a research report on Thursday, February 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. ORBCOMM has a consensus rating of “Hold” and an average target price of $9.25.

COPYRIGHT VIOLATION NOTICE: This piece was first posted by Ticker Report and is the sole property of of Ticker Report. If you are viewing this piece on another domain, it was illegally copied and reposted in violation of US & international copyright and trademark legislation. The correct version of this piece can be read at https://www.tickerreport.com/banking-finance/4325060/orbcomm-orbc-posts-quarterly-earnings-results-misses-expectations-by-0-01-eps.html.

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.

Featured Story: Investing strategies using the yield curve

Earnings History for ORBCOMM (NASDAQ:ORBC)

Receive News & Ratings for ORBCOMM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ORBCOMM and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

BidaskClub Upgrades Westport Fuel Systems  to “Hold”
BidaskClub Upgrades Westport Fuel Systems to “Hold”
Contrasting Gulf Resources  and Innophos
Contrasting Gulf Resources and Innophos
Provention Bio Inc  Expected to Announce Earnings of -$0.28 Per Share
Provention Bio Inc Expected to Announce Earnings of -$0.28 Per Share
Zacks Investment Research Lowers Oshkosh  to Hold
Zacks Investment Research Lowers Oshkosh to Hold
NetSol Technologies  Downgraded by TheStreet to C+
NetSol Technologies Downgraded by TheStreet to C+
APA Group  Reaches New 52-Week High at $10.34
APA Group Reaches New 52-Week High at $10.34


© 2006-2019 Ticker Report