Eagle Asset Management Inc. lifted its stake in ORBCOMM Inc (NASDAQ:ORBC) by 17.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 788,775 shares of the technology company’s stock after acquiring an additional 117,685 shares during the quarter. Eagle Asset Management Inc.’s holdings in ORBCOMM were worth $8,029,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of ORBCOMM in the third quarter worth approximately $107,000. PNC Financial Services Group Inc. bought a new stake in shares of ORBCOMM in the second quarter worth approximately $120,000. Bank of Montreal Can bought a new stake in shares of ORBCOMM in the fourth quarter worth approximately $143,000. Highbridge Capital Management LLC bought a new stake in shares of ORBCOMM in the third quarter worth approximately $155,000. Finally, CIBC World Markets Inc. bought a new stake in shares of ORBCOMM in the fourth quarter worth approximately $158,000. Hedge funds and other institutional investors own 79.29% of the company’s stock.
ORBCOMM Inc (NASDAQ ORBC) opened at $10.92 on Thursday. The company has a current ratio of 2.79, a quick ratio of 2.21 and a debt-to-equity ratio of 0.99. ORBCOMM Inc has a 1-year low of $8.10 and a 1-year high of $11.99.
A number of analysts have recently commented on the stock. Roth Capital assumed coverage on shares of ORBCOMM in a research note on Friday, February 2nd. They issued a “buy” rating and a $14.00 price target for the company. BidaskClub lowered shares of ORBCOMM from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Zacks Investment Research upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a research note on Wednesday, November 8th. 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. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $13.50.
In related news, CFO Robert G. Costantini sold 11,019 shares of the firm’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 $119,996.91. Following the transaction, the chief financial officer now owns 200,215 shares of the company’s stock, valued at $2,180,341.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $10.45, for a total transaction of $409,953.50. The disclosure for this sale can be found here. In the last three months, insiders sold 90,224 shares of company stock worth $963,760. 9.50% of the stock is currently owned by insiders.
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ORBCOMM Company 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.
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