Orbcomm Inc. (ORBC) Rating Increased to Hold at Zacks Investment Research
Orbcomm Inc. (NASDAQ:ORBC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released 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. “
Other equities research analysts have also recently issued reports about the stock. Canaccord Genuity reissued a “buy” rating and issued a $15.00 target price on shares of Orbcomm in a research report on Monday, September 12th. Chardan Capital reaffirmed a “buy” rating and set a $11.50 price target on shares of Orbcomm in a research report on Monday, August 8th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $12.05.
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Shares of Orbcomm (NASDAQ:ORBC) traded down 1.21% on Thursday, hitting $9.83. 277,672 shares of the stock traded hands. The firm’s 50-day moving average is $10.04 and its 200 day moving average is $9.91. Orbcomm has a 12-month low of $5.73 and a 12-month high of $10.98. The firm’s market cap is $697.79 million.
Orbcomm (NASDAQ:ORBC) last released its earnings results on Thursday, August 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by $0.02. Orbcomm had a negative return on equity of 1.08% and a negative net margin of 2.41%. The company earned $50.10 million during the quarter, compared to analyst estimates of $49 million. During the same period in the prior year, the business posted ($0.17) earnings per share. Orbcomm’s revenue was up 11.5% on a year-over-year basis. Equities research analysts forecast that Orbcomm will post ($0.15) EPS for the current fiscal year.
In other news, Director Jerome B. Eisenberg sold 5,000 shares of Orbcomm stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $10.88, for a total transaction of $54,400.00. Following the sale, the director now owns 1,003,791 shares in the company, valued at $10,921,246.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 9.50% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Orbcomm by 1.4% in the second quarter. Vanguard Group Inc. now owns 4,909,616 shares of the company’s stock worth $48,851,000 after buying an additional 68,626 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Orbcomm by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,526,780 shares of the company’s stock worth $45,041,000 after buying an additional 134,784 shares in the last quarter. Franklin Resources Inc. raised its stake in Orbcomm by 6.8% in the second quarter. Franklin Resources Inc. now owns 2,433,400 shares of the company’s stock worth $24,212,000 after buying an additional 155,900 shares in the last quarter. BlackRock Fund Advisors raised its stake in Orbcomm by 8.5% in the second quarter. BlackRock Fund Advisors now owns 1,963,747 shares of the company’s stock worth $19,539,000 after buying an additional 153,165 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake 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. 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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