Suntrust Banks Inc. cut its stake in shares of ORBCOMM Inc (NASDAQ:ORBC) by 27.6% in the 4th quarter, Holdings Channel reports. The firm owned 22,798 shares of the technology company’s stock after selling 8,706 shares during the period. Suntrust Banks Inc.’s holdings in ORBCOMM were worth $231,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in ORBCOMM during the third quarter valued at approximately $107,000. Bank of Montreal Can bought a new stake in ORBCOMM during the fourth quarter valued at approximately $143,000. Highbridge Capital Management LLC bought a new stake in ORBCOMM during the third quarter valued at approximately $155,000. CIBC World Markets Inc. bought a new stake in ORBCOMM during the fourth quarter valued at approximately $158,000. Finally, First Trust Advisors LP bought a new stake in ORBCOMM during the fourth quarter valued at approximately $219,000. Institutional investors and hedge funds own 75.38% of the company’s stock.
In other news, CEO Marc Eisenberg sold 23,960 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $10.89, for a total value of $260,924.40. Following the completion of the sale, the chief executive officer now directly owns 366,508 shares in the company, valued at approximately $3,991,272.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robert G. Costantini sold 3,532 shares of the business’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $10.23, for a total transaction of $36,132.36. Following the completion of the sale, the chief financial officer now owns 203,746 shares of the company’s stock, valued at $2,084,321.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,669 shares of company stock valued at $670,162. Company insiders own 9.50% of the company’s stock.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Thursday, March 1st. The technology company reported ($0.10) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.10). The firm had revenue of $75.98 million during the quarter, compared to analyst estimates of $71.68 million. ORBCOMM had a negative net margin of 24.11% and a negative return on equity of 10.07%. The business’s quarterly revenue was up 62.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) EPS. research analysts predict that ORBCOMM Inc will post -0.17 earnings per share for the current year.
Several brokerages have issued reports on ORBC. Roth Capital began coverage on shares of ORBCOMM in a research report on Friday, February 2nd. They set a “buy” rating and a $14.00 target price for the company. Canaccord Genuity dropped their target price on shares of ORBCOMM from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, March 2nd. Chardan Capital restated a “buy” rating on shares of ORBCOMM in a report on Sunday, March 4th. BidaskClub lowered shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Finally, Northland Securities set a $15.00 price objective on shares of ORBCOMM and gave the stock a “buy” rating in a report on Tuesday, January 16th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $13.67.
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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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