Northern Trust Corp Grows Stake in ORBCOMM Inc (ORBC)

Northern Trust Corp lifted its holdings in ORBCOMM Inc (NASDAQ:ORBC) by 8.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,020,663 shares of the technology company’s stock after acquiring an additional 79,557 shares during the quarter. Northern Trust Corp’s holdings in ORBCOMM were worth $10,308,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Zions Bancorporation acquired a new stake in shares of ORBCOMM in the second quarter worth $101,000. Steward Partners Investment Advisory LLC boosted its holdings in ORBCOMM by 908.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 10,083 shares of the technology company’s stock worth $102,000 after buying an additional 9,083 shares in the last quarter. Amalgamated Bank purchased a new stake in ORBCOMM during the second quarter worth $113,000. Jane Street Group LLC purchased a new stake in ORBCOMM during the second quarter worth $148,000. Finally, Aperio Group LLC purchased a new stake in ORBCOMM during the second quarter worth $157,000. Hedge funds and other institutional investors own 76.69% of the company’s stock.

In related news, Director Jerome B. Eisenberg sold 5,000 shares of the stock in a transaction on Monday, October 1st. The shares were sold at an average price of $10.86, for a total transaction of $54,300.00. Following the sale, the director now directly owns 930,305 shares of the company’s stock, valued at $10,103,112.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 15,000 shares of company stock worth $155,450 over the last three months. 7.80% of the stock is currently owned by insiders.

A number of brokerages recently issued reports on ORBC. Zacks Investment Research downgraded shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Friday, November 2nd. ValuEngine downgraded shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Saturday, October 27th. Finally, BidaskClub downgraded shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Tuesday, July 17th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $14.00.

Shares of NASDAQ ORBC opened at $10.04 on Friday. ORBCOMM Inc has a 1 year low of $8.43 and a 1 year high of $11.95. The firm has a market cap of $815.68 million, a P/E ratio of -11.95 and a beta of 1.08. The company has a current ratio of 2.80, a quick ratio of 2.16 and a debt-to-equity ratio of 0.95.

ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings results on Tuesday, October 30th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. ORBCOMM had a negative net margin of 9.84% and a negative return on equity of 10.94%. The firm had revenue of $71.04 million for the quarter, compared to the consensus estimate of $75.37 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, research analysts anticipate that ORBCOMM Inc will post -0.28 EPS for the current year.

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ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers solutions, including network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, including 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 industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime, and government.

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Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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