ORBCOMM Inc (NASDAQ:ORBC) Holdings Boosted by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its holdings in shares of ORBCOMM Inc (NASDAQ:ORBC) by 22.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 263,850 shares of the technology company’s stock after purchasing an additional 49,112 shares during the quarter. Wells Fargo & Company MN owned about 0.36% of ORBCOMM worth $2,763,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. TIAA CREF Investment Management LLC increased its position in shares of ORBCOMM by 0.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 174,025 shares of the technology company’s stock valued at $1,966,000 after purchasing an additional 550 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of ORBCOMM by 4.7% during the 2nd quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock valued at $142,000 after purchasing an additional 569 shares during the last quarter. Legal & General Group Plc increased its position in shares of ORBCOMM by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after purchasing an additional 670 shares during the last quarter. Rhumbline Advisers increased its position in shares of ORBCOMM by 1.7% during the 2nd quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock valued at $829,000 after purchasing an additional 1,235 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of ORBCOMM by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 54,541 shares of the technology company’s stock valued at $616,000 after purchasing an additional 1,348 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

In other news, CEO Marc Eisenberg sold 23,960 shares of the stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $10.89, for a total value of $260,924.40. Following the transaction, the chief executive officer now directly owns 366,508 shares of the company’s stock, valued at $3,991,272.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the company’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $10.45, for a total value of $409,953.50. The disclosure for this sale can be found here. Insiders sold 90,224 shares of company stock worth $963,760 over the last three months. Corporate insiders own 9.50% of the company’s stock.

Shares of ORBCOMM Inc (NASDAQ ORBC) traded down $0.16 during trading hours on Friday, reaching $11.39. The company had a trading volume of 439,247 shares, compared to its average volume of 512,565. ORBCOMM Inc has a 12 month low of $7.77 and a 12 month high of $11.99. The firm has a market cap of $846.20, a price-to-earnings ratio of -14.42 and a beta of 0.89. The company has a quick ratio of 2.21, a current ratio of 2.79 and a debt-to-equity ratio of 0.99.

A number of equities analysts recently issued reports on the company. Roth Capital assumed coverage on ORBCOMM in a report on Friday. They set a “buy” rating and a $14.00 price objective for the company. Northland Securities set a $15.00 target price on ORBCOMM and gave the stock a “buy” rating in a report on Tuesday, January 16th. BidaskClub upgraded ORBCOMM from a “strong sell” rating to a “sell” rating in a report on Wednesday, December 27th. Finally, Zacks Investment Research cut ORBCOMM from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $13.50.

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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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