Schwab Charles Investment Management Inc. Has $3.58 Million Holdings in ORBCOMM Inc. (ORBC)

Schwab Charles Investment Management Inc. lifted its stake in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 35.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 316,736 shares of the technology company’s stock after acquiring an additional 83,715 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.44% of ORBCOMM worth $3,580,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of ORBCOMM by 16.6% during the first 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 in the last quarter. Bank of New York Mellon Corp grew its position in ORBCOMM by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 578,733 shares of the technology company’s stock valued at $5,526,000 after purchasing an additional 40,751 shares in the last quarter. FMR LLC grew its position in ORBCOMM by 1,486.7% in the first quarter. FMR LLC now owns 555,347 shares of the technology company’s stock valued at $5,304,000 after purchasing an additional 520,347 shares in the last quarter. Geode Capital Management LLC grew its position in ORBCOMM by 5.0% in the first quarter. Geode Capital Management LLC now owns 519,817 shares of the technology company’s stock valued at $4,964,000 after purchasing an additional 24,908 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in ORBCOMM by 387.8% in the first quarter. Renaissance Technologies LLC now owns 509,786 shares of the technology company’s stock valued at $4,868,000 after acquiring an additional 405,286 shares during the last quarter. 77.21% of the stock is owned by institutional investors.

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In other news, Director Jerome B. Eisenberg sold 7,000 shares of ORBCOMM stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $11.51, for a total value of $80,570.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Marc Eisenberg sold 115,000 shares of ORBCOMM stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $11.27, for a total value of $1,296,050.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 503,864 shares of company stock worth $5,651,195. 9.50% of the stock is currently owned by company insiders.

Shares of ORBCOMM Inc. (ORBC) opened at 11.24 on Friday. ORBCOMM Inc. has a one year low of $7.15 and a one year high of $11.99. The stock’s market capitalization is $826.12 million. The stock’s 50 day moving average price is $10.92 and its 200 day moving average price is $10.72.

ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.05). The firm had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $52.93 million. ORBCOMM had a negative net margin of 15.52% and a negative return on equity of 6.16%. The business’s revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.06) EPS. Equities research analysts predict that ORBCOMM Inc. will post ($0.36) EPS for the current fiscal year.

ORBC has been the subject of several recent analyst reports. Canaccord Genuity upped their target price on shares of ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. Zacks Investment Research raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Friday, July 14th. Northland Securities set a $13.00 price objective on shares of ORBCOMM and gave the stock a “buy” rating in a research report on Monday, August 28th. Finally, ValuEngine raised ORBCOMM from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. One investment analyst has 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 a consensus rating of “Buy” and a consensus price target of $13.25.

ORBCOMM Profile

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.

Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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