Nuveen Asset Management LLC acquired a new stake in shares of ORBCOMM Inc (NASDAQ:ORBC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 620,411 shares of the technology company’s stock, valued at approximately $4,498,000. Nuveen Asset Management LLC owned about 0.78% of ORBCOMM as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of ORBC. UBS Asset Management Americas Inc. grew its holdings in ORBCOMM by 4.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 47,679 shares of the technology company’s stock worth $346,000 after acquiring an additional 2,093 shares in the last quarter. Swiss National Bank lifted its position in shares of ORBCOMM by 2.0% during the second quarter. Swiss National Bank now owns 139,400 shares of the technology company’s stock valued at $1,011,000 after buying an additional 2,800 shares during the last quarter. Paloma Partners Management Co lifted its position in shares of ORBCOMM by 11.0% during the second quarter. Paloma Partners Management Co now owns 33,174 shares of the technology company’s stock valued at $241,000 after buying an additional 3,298 shares during the last quarter. M&T Bank Corp lifted its position in shares of ORBCOMM by 34.8% during the second quarter. M&T Bank Corp now owns 21,930 shares of the technology company’s stock valued at $158,000 after buying an additional 5,659 shares during the last quarter. Finally, Connors Investor Services Inc. lifted its position in shares of ORBCOMM by 1.4% during the second quarter. Connors Investor Services Inc. now owns 429,296 shares of the technology company’s stock valued at $3,112,000 after buying an additional 5,860 shares during the last quarter. Hedge funds and other institutional investors own 86.59% of the company’s stock.
ORBC traded up $0.07 during trading on Friday, reaching $4.61. 348,900 shares of the company’s stock were exchanged, compared to its average volume of 787,254. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.77 and a quick ratio of 2.14. ORBCOMM Inc has a 1 year low of $3.58 and a 1 year high of $10.24. The company’s fifty day simple moving average is $4.61 and its 200-day simple moving average is $6.11. The stock has a market capitalization of $353.85 million, a P/E ratio of -13.97 and a beta of 1.01.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported ($0.05) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.05). ORBCOMM had a negative return on equity of 8.61% and a negative net margin of 8.03%. The company had revenue of $69.19 million during the quarter, compared to analysts’ expectations of $71.43 million. During the same quarter in the previous year, the business earned ($0.04) earnings per share. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. Equities analysts forecast that ORBCOMM Inc will post -0.24 EPS for the current year.
Several research firms have commented on ORBC. Craig Hallum raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $7.50 price target for the company in a research report on Thursday, August 22nd. BidaskClub raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Zacks Investment Research lowered shares of ORBCOMM from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. ORBCOMM presently has a consensus rating of “Hold” and a consensus target price of $8.75.
In other news, CEO Marc Eisenberg bought 18,000 shares of the stock in a transaction on Monday, November 4th. The shares were bought at an average price of $4.52 per share, with a total value of $81,360.00. Also, Director John E. Major bought 20,000 shares of the stock in a transaction on Monday, November 4th. The stock was purchased at an average cost of $4.30 per share, for a total transaction of $86,000.00. Following the acquisition, the director now directly owns 121,617 shares of the company’s stock, valued at approximately $522,953.10. The disclosure for this purchase can be found here. Insiders have purchased 53,000 shares of company stock worth $246,110 in the last ninety days. 7.30% of the stock is currently owned by corporate insiders.
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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