ORBCOMM (NASDAQ:ORBC) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of ORBCOMM (NASDAQ:ORBC) from a hold rating to a sell rating in a research note released on Friday, Zacks.com reports.

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 a number of other reports. BidaskClub raised ORBCOMM from a sell rating to a hold rating in a report on Tuesday, September 10th. Craig Hallum raised ORBCOMM from a hold rating to a buy rating and set a $7.50 price target for the company in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $8.75.

Shares of ORBC opened at $5.58 on Friday. The stock has a 50 day moving average price of $5.36 and a 200 day moving average price of $6.77. 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 company has a market capitalization of $442.64 million, a price-to-earnings ratio of -16.91 and a beta of 1.08. ORBCOMM has a 52-week low of $4.38 and a 52-week high of $11.25.

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

In other news, CFO Constantine Milcos acquired 15,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average cost of $5.25 per share, with a total value of $78,750.00. Following the completion of the acquisition, the chief financial officer now owns 48,367 shares of the company’s stock, valued at $253,926.75. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 7.30% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Capital Fund Management S.A. acquired a new stake in shares of ORBCOMM in the second quarter valued at approximately $82,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of ORBCOMM in the second quarter valued at approximately $95,000. BNP Paribas Arbitrage SA boosted its holdings in shares of ORBCOMM by 58,476.9% in the first quarter. BNP Paribas Arbitrage SA now owns 15,230 shares of the technology company’s stock valued at $103,000 after acquiring an additional 15,204 shares during the period. M&T Bank Corp boosted its holdings in shares of ORBCOMM by 34.8% in the second quarter. M&T Bank Corp now owns 21,930 shares of the technology company’s stock valued at $158,000 after acquiring an additional 5,659 shares during the period. Finally, Menta Capital LLC acquired a new stake in shares of ORBCOMM in the second quarter valued at approximately $171,000. 86.05% of the stock is owned by institutional investors and hedge funds.

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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