Credit Suisse AG bought a new position in ORBCOMM Inc. (NASDAQ:ORBC) in the 4th quarter, Holdings Channel.com reports. The fund bought 22,001 shares of the technology company’s stock, valued at approximately $163,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of ORBCOMM in the 4th quarter worth about $2,352,000. Millrace Asset Group Inc. bought a new stake in shares of ORBCOMM in the 4th quarter worth about $1,931,000. Trexquant Investment LP bought a new stake in shares of ORBCOMM in the 4th quarter worth about $354,000. Citigroup Inc. boosted its holdings in shares of ORBCOMM by 250.9% in the 4th quarter. Citigroup Inc. now owns 15,089 shares of the technology company’s stock valued at $112,000 after buying an additional 10,789 shares during the period. Finally, Rhumbline Advisers boosted its holdings in shares of ORBCOMM by 12.9% in the 4th quarter. Rhumbline Advisers now owns 124,180 shares of the technology company’s stock valued at $921,000 after buying an additional 14,158 shares during the period. 68.12% of the stock is owned by institutional investors.
NASDAQ ORBC opened at $11.55 on Wednesday. ORBCOMM Inc. has a 52 week low of $2.22 and a 52 week high of $11.55. The company has a current ratio of 2.93, a quick ratio of 2.37 and a debt-to-equity ratio of 1.12. The stock has a market cap of $913.42 million, a price-to-earnings ratio of -41.25 and a beta of 1.39. The company has a 50-day moving average price of $7.98 and a two-hundred day moving average price of $6.72.
Several research firms have recently commented on ORBC. Craig Hallum lowered shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Thursday, April 8th. Canaccord Genuity lowered shares of ORBCOMM from a “buy” rating to a “hold” rating and decreased their price target for the company from $13.00 to $11.50 in a report on Thursday, April 8th. Zacks Investment Research raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $8.75 price target for the company in a report on Thursday, March 18th. Raymond James lifted their price target on shares of ORBCOMM from $8.00 to $10.00 and gave the company a “strong-buy” rating in a report on Wednesday, March 3rd. Finally, Roth Capital lowered shares of ORBCOMM from a “buy” rating to a “neutral” rating and lifted their price target for the company from $9.25 to $11.50 in a report on Thursday, April 8th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $10.29.
In other news, EVP John J. Stolte, Jr. sold 5,441 shares of the stock in a transaction that occurred on Monday, March 8th. The shares were sold at an average price of $7.02, for a total value of $38,195.82. Following the completion of the transaction, the executive vice president now directly owns 149,327 shares in the company, valued at $1,048,275.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Constantine Milcos sold 8,394 shares of the stock in a transaction that occurred on Monday, March 8th. The shares were sold at an average price of $7.02, for a total transaction of $58,925.88. Following the completion of the transaction, the chief financial officer now owns 104,008 shares of the company’s stock, valued at $730,136.16. The disclosure for this sale can be found here. 6.74% of the stock is currently owned by corporate insiders.
ORBCOMM Company Profile
ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers network connectivity, devices, device management, and web reporting applications that are designed to track, monitor, control, and enhance security for various assets, such as 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 transportation and supply chain, heavy equipment, fixed asset monitoring, and maritime industries, as well as for governments.
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