Allianz Asset Management GmbH increased its holdings in shares of ORBCOMM Inc (NASDAQ:ORBC) by 294.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,283,386 shares of the technology company’s stock after acquiring an additional 957,783 shares during the period. Allianz Asset Management GmbH owned approximately 1.73% of ORBCOMM worth $13,065,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the stock. Hood River Capital Management LLC lifted its stake in shares of ORBCOMM by 14.6% in the third quarter. Hood River Capital Management LLC now owns 1,329,991 shares of the technology company’s stock worth $13,925,000 after buying an additional 168,967 shares in the last quarter. State Street Corp lifted its stake in shares of ORBCOMM by 6.5% in the second quarter. State Street Corp now owns 1,250,722 shares of the technology company’s stock worth $14,137,000 after buying an additional 76,762 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of ORBCOMM by 1.2% in the third quarter. Westfield Capital Management Co. LP now owns 1,065,085 shares of the technology company’s stock worth $11,151,000 after buying an additional 12,185 shares in the last quarter. Mutual of America Capital Management LLC lifted its stake in shares of ORBCOMM by 2.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 906,793 shares of the technology company’s stock worth $9,231,000 after buying an additional 21,655 shares in the last quarter. Finally, Cortina Asset Management LLC raised its holdings in shares of ORBCOMM by 31.6% during the third quarter. Cortina Asset Management LLC now owns 818,622 shares of the technology company’s stock valued at $8,571,000 after purchasing an additional 196,719 shares during the last quarter. 75.29% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ ORBC traded down $0.28 during midday trading on Monday, reaching $9.09. The stock had a trading volume of 891,970 shares, compared to its average volume of 636,466. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.08 and a quick ratio of 1.46. The stock has a market cap of $700.70, a PE ratio of -11.15 and a beta of 0.94. ORBCOMM Inc has a 12-month low of $9.01 and a 12-month high of $11.99.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Thursday, March 1st. The technology company reported ($0.10) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.10). The firm had revenue of $75.98 million during the quarter, compared to analysts’ expectations of $71.68 million. ORBCOMM had a negative net margin of 24.11% and a negative return on equity of 10.07%. The company’s revenue for the quarter was up 62.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) earnings per share. research analysts expect that ORBCOMM Inc will post -0.19 EPS for the current year.
In related news, CFO Robert G. Costantini sold 3,532 shares of the company’s stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $10.23, for a total transaction of $36,132.36. Following the completion of the transaction, the chief financial officer now owns 203,746 shares in the company, valued at $2,084,321.58. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Robert G. Costantini sold 11,019 shares of the company’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $10.89, for a total transaction of $119,996.91. Following the transaction, the chief financial officer now owns 200,215 shares of the company’s stock, valued at approximately $2,180,341.35. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,669 shares of company stock valued at $717,212. Corporate insiders own 7.80% of the company’s stock.
Several research analysts have recently weighed in on the stock. Roth Capital assumed coverage on shares of ORBCOMM in a report on Friday, February 2nd. They set a “buy” rating and a $14.00 price objective for the company. Canaccord Genuity decreased their price objective on shares of ORBCOMM from $16.00 to $15.00 and set a “buy” rating for the company in a report on Friday, March 2nd. BidaskClub cut shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Northland Securities set a $15.00 price objective on shares of ORBCOMM and gave the company a “buy” rating in a report on Tuesday, January 16th. Finally, Zacks Investment Research cut shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $13.67.
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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