Voya Investment Management LLC grew its position in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 22.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,144 shares of the technology company’s stock after acquiring an additional 5,073 shares during the quarter. Voya Investment Management LLC’s holdings in ORBCOMM were worth $318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in ORBCOMM by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock worth $55,424,000 after acquiring an additional 824,761 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in ORBCOMM by 2.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,014,327 shares of the technology company’s stock worth $45,362,000 after acquiring an additional 95,586 shares during the last quarter. Granite Investment Partners LLC boosted its holdings in ORBCOMM by 2.1% during the 2nd quarter. Granite Investment Partners LLC now owns 1,752,933 shares of the technology company’s stock worth $19,809,000 after acquiring an additional 36,437 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in ORBCOMM by 10.4% during the 2nd quarter. William Blair Investment Management LLC now owns 1,236,064 shares of the technology company’s stock worth $13,968,000 after acquiring an additional 116,878 shares during the last quarter. Finally, Hood River Capital Management LLC purchased a new position in ORBCOMM during the 2nd quarter worth $13,120,000. 76.87% of the stock is currently owned by hedge funds and other institutional investors.
ORBCOMM Inc. (NASDAQ:ORBC) opened at $9.85 on Tuesday. The company has a current ratio of 2.79, a quick ratio of 2.21 and a debt-to-equity ratio of 0.99. ORBCOMM Inc. has a fifty-two week low of $7.77 and a fifty-two week high of $11.99.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). The company had revenue of $69.37 million during the quarter, compared to analysts’ expectations 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 last year, the firm posted ($0.04) earnings per share. equities analysts expect that ORBCOMM Inc. will post -0.73 EPS for the current year.
In related news, CFO Robert G. Costantini sold 140,169 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $11.26, for a total value of $1,578,302.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Eisenberg sold 115,000 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $11.27, for a total transaction of $1,296,050.00. The disclosure for this sale can be found here. Insiders sold a total of 355,963 shares of company stock worth $4,000,091 over the last three months. 9.50% of the stock is owned by insiders.
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A number of equities analysts have issued reports on the stock. Zacks Investment Research downgraded shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Northland Securities set a $13.00 price objective on shares of ORBCOMM and gave the stock a “buy” rating in a report on Monday, August 28th. Canaccord Genuity lifted their price objective on shares of ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, September 11th. Finally, ValuEngine raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. ORBCOMM presently has an average rating of “Buy” and a consensus target price of $13.25.
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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