ORBCOMM Inc (ORBC) Expected to Announce Quarterly Sales of $71.47 Million
Wall Street analysts forecast that ORBCOMM Inc (NASDAQ:ORBC) will announce $71.47 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for ORBCOMM’s earnings. The highest sales estimate is $73.15 million and the lowest is $70.60 million. ORBCOMM posted sales of $46.83 million during the same quarter last year, which suggests a positive year-over-year growth rate of 52.6%. The business is scheduled to issue its next quarterly earnings report on Tuesday, February 27th.
On average, analysts expect that ORBCOMM will report full-year sales of $71.47 million for the current fiscal year, with estimates ranging from $248.80 million to $251.39 million. For the next financial year, analysts anticipate that the company will report sales of $276.45 million per share, with estimates ranging from $268.60 million to $286.14 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for ORBCOMM.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). ORBCOMM had a negative net margin of 25.32% and a negative return on equity of 8.01%. The business had revenue of $69.37 million for the quarter, compared to the consensus estimate of $65.62 million. During the same period in the previous year, the firm earned ($0.04) EPS. The company’s revenue was up 49.9% on a year-over-year basis.
Shares of ORBCOMM (NASDAQ:ORBC) opened at $10.78 on Tuesday. ORBCOMM has a 1 year low of $7.77 and a 1 year high of $11.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.21 and a current ratio of 2.79. The stock has a market cap of $800.88, a price-to-earnings ratio of -13.65 and a beta of 0.84.
In related news, EVP John J. Stolte, Jr. sold 39,230 shares of ORBCOMM stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $10.45, for a total transaction of $409,953.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jerome B. Eisenberg sold 7,000 shares of ORBCOMM stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $11.46, for a total transaction of $80,220.00. Following the transaction, the director now owns 967,363 shares in the company, valued at approximately $11,085,979.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,224 shares of company stock worth $1,043,980. 9.50% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in shares of ORBCOMM by 2.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,014,327 shares of the technology company’s stock valued at $45,362,000 after buying an additional 95,586 shares in the last quarter. Hood River Capital Management LLC lifted its stake in shares of ORBCOMM by 14.6% during the 3rd quarter. Hood River Capital Management LLC now owns 1,329,991 shares of the technology company’s stock valued at $13,925,000 after buying an additional 168,967 shares in the last quarter. State Street Corp lifted its stake in ORBCOMM by 6.5% in the 2nd quarter. State Street Corp now owns 1,250,722 shares of the technology company’s stock worth $14,137,000 after purchasing an additional 76,762 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in ORBCOMM by 1.2% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,065,085 shares of the technology company’s stock worth $11,151,000 after purchasing an additional 12,185 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in ORBCOMM by 0.7% in the 2nd quarter. Northern Trust Corp now owns 901,650 shares of the technology company’s stock worth $10,189,000 after purchasing an additional 6,202 shares in the last quarter. Institutional investors own 77.83% of the company’s stock.
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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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