California Public Employees Retirement System Buys 8,521 Shares of ORBCOMM Inc (ORBC)

California Public Employees Retirement System boosted its stake in shares of ORBCOMM Inc (NASDAQ:ORBC) by 9.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 95,621 shares of the technology company’s stock after acquiring an additional 8,521 shares during the period. California Public Employees Retirement System’s holdings in ORBCOMM were worth $966,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Goodman Financial Corp increased its stake in shares of ORBCOMM by 5.2% in the 2nd quarter. Goodman Financial Corp now owns 640,029 shares of the technology company’s stock valued at $6,464,000 after purchasing an additional 31,560 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of ORBCOMM by 191.3% in the 2nd quarter. Renaissance Technologies LLC now owns 698,618 shares of the technology company’s stock valued at $7,056,000 after purchasing an additional 458,818 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of ORBCOMM by 3.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 676,732 shares of the technology company’s stock valued at $6,835,000 after purchasing an additional 24,837 shares during the last quarter. Federated Investors Inc. PA increased its stake in shares of ORBCOMM by 48.0% in the 2nd quarter. Federated Investors Inc. PA now owns 838,926 shares of the technology company’s stock valued at $8,473,000 after purchasing an additional 272,010 shares during the last quarter. Finally, Ardsley Advisory Partners increased its stake in shares of ORBCOMM by 53.3% in the 2nd quarter. Ardsley Advisory Partners now owns 115,000 shares of the technology company’s stock valued at $1,162,000 after purchasing an additional 40,000 shares during the last quarter. Hedge funds and other institutional investors own 76.69% of the company’s stock.

NASDAQ ORBC opened at $10.30 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.16 and a current ratio of 2.80. ORBCOMM Inc has a twelve month low of $8.43 and a twelve month high of $11.95. The firm has a market cap of $816.47 million, a P/E ratio of -12.26 and a beta of 1.08.

ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings data on Tuesday, October 30th. The technology company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. ORBCOMM had a negative return on equity of 10.94% and a negative net margin of 9.84%. The company had revenue of $71.04 million for the quarter, compared to the consensus estimate of $75.37 million. During the same quarter last year, the business posted ($0.10) EPS. ORBCOMM’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts forecast that ORBCOMM Inc will post -0.28 earnings per share for the current fiscal year.

In related news, Director Jerome B. Eisenberg sold 5,000 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $10.86, for a total transaction of $54,300.00. Following the sale, the director now owns 930,305 shares of the company’s stock, valued at approximately $10,103,112.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 15,000 shares of company stock worth $155,450. 7.80% of the stock is currently owned by company insiders.

Several equities analysts have recently issued reports on ORBC shares. BidaskClub lowered ORBCOMM from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 25th. ValuEngine lowered ORBCOMM from a “buy” rating to a “hold” rating in a research note on Saturday, October 27th. Finally, Zacks Investment Research lowered ORBCOMM from a “hold” rating to a “sell” rating in a research note on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $14.00.

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ORBCOMM Profile

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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