ORBCOMM Inc (ORBC) Stake Decreased by Millennium Management LLC

Millennium Management LLC reduced its holdings in ORBCOMM Inc (NASDAQ:ORBC) by 96.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 17,062 shares of the technology company’s stock after selling 503,787 shares during the quarter. Millennium Management LLC’s holdings in ORBCOMM were worth $141,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Legal & General Group Plc grew its position in shares of ORBCOMM by 10.5% in the 4th quarter. Legal & General Group Plc now owns 12,907 shares of the technology company’s stock worth $107,000 after buying an additional 1,231 shares during the last quarter. Cerity Partners LLC boosted its position in shares of ORBCOMM by 0.3% during the fourth quarter. Cerity Partners LLC now owns 503,442 shares of the technology company’s stock valued at $4,158,000 after purchasing an additional 1,600 shares in the last quarter. Matisse Capital boosted its position in shares of ORBCOMM by 4.3% during the fourth quarter. Matisse Capital now owns 43,840 shares of the technology company’s stock valued at $362,000 after purchasing an additional 1,800 shares in the last quarter. LPL Financial LLC boosted its position in shares of ORBCOMM by 5.5% during the fourth quarter. LPL Financial LLC now owns 40,714 shares of the technology company’s stock valued at $336,000 after purchasing an additional 2,109 shares in the last quarter. Finally, Goodman Financial Corp boosted its position in shares of ORBCOMM by 0.6% during the fourth quarter. Goodman Financial Corp now owns 645,514 shares of the technology company’s stock valued at $5,332,000 after purchasing an additional 4,045 shares in the last quarter. Hedge funds and other institutional investors own 83.97% of the company’s stock.

NASDAQ ORBC opened at $7.29 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.10 and a current ratio of 2.64. ORBCOMM Inc has a twelve month low of $6.19 and a twelve month high of $11.25. The company has a market cap of $571.27 million, a P/E ratio of -22.09 and a beta of 0.99.

ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings results on Wednesday, May 1st. The technology company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.01). ORBCOMM had a negative net margin of 7.90% and a negative return on equity of 8.39%. The firm had revenue of $66.04 million for the quarter, compared to the consensus estimate of $65.91 million. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. Research analysts predict that ORBCOMM Inc will post -0.16 EPS for the current fiscal year.

In other ORBCOMM news, CEO Marc Eisenberg sold 27,878 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $7.16, for a total value of $199,606.48. Following the sale, the chief executive officer now directly owns 446,951 shares of the company’s stock, valued at $3,200,169.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John J. Stolte, Jr. sold 4,207 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $7.16, for a total value of $30,122.12. Following the completion of the sale, the executive vice president now directly owns 109,788 shares in the company, valued at $786,082.08. The disclosure for this sale can be found here. Insiders sold 37,581 shares of company stock worth $269,080 over the last three months. Corporate insiders own 7.30% of the company’s stock.

ORBC has been the topic of several research reports. Chardan Capital lowered ORBCOMM from a “buy” rating to a “neutral” rating in a research report on Thursday, February 28th. Craig Hallum lowered ORBCOMM from a “buy” rating to a “hold” rating and dropped their price target for the company from $13.00 to $8.50 in a research report on Thursday, February 28th. BidaskClub upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. ValuEngine lowered ORBCOMM from a “hold” rating to a “sell” rating in a research report on Thursday, February 28th. Finally, Zacks Investment Research lowered ORBCOMM from a “hold” rating to a “sell” rating in a research report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $9.25.

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About ORBCOMM

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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Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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