Pier Capital LLC lessened its holdings in ORBCOMM Inc. (NASDAQ:ORBC) by 8.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 382,919 shares of the technology company’s stock after selling 36,450 shares during the period. Pier Capital LLC owned about 0.52% of ORBCOMM worth $4,009,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in ORBCOMM by 16.6% during the first quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock valued at $55,424,000 after purchasing an additional 824,761 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ORBCOMM by 2.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,014,327 shares of the technology company’s stock valued at $45,362,000 after purchasing an additional 95,586 shares during the last quarter. Granite Investment Partners LLC boosted its position in ORBCOMM by 2.1% during the second quarter. Granite Investment Partners LLC now owns 1,752,933 shares of the technology company’s stock valued at $19,809,000 after purchasing an additional 36,437 shares during the last quarter. Hood River Capital Management LLC boosted its position in ORBCOMM by 14.6% during the third quarter. Hood River Capital Management LLC now owns 1,329,991 shares of the technology company’s stock valued at $13,925,000 after purchasing an additional 168,967 shares during the last quarter. Finally, State Street Corp boosted its position in ORBCOMM by 6.5% during the second quarter. State Street Corp now owns 1,250,722 shares of the technology company’s stock valued at $14,137,000 after purchasing an additional 76,762 shares during the last quarter. 77.83% of the stock is owned by institutional investors and hedge funds.
ORBCOMM Inc. (NASDAQ:ORBC) opened at $10.53 on Wednesday. ORBCOMM Inc. has a 1-year low of $7.77 and a 1-year high of $11.99. 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 analysts recently issued reports on ORBC shares. ValuEngine raised ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research raised ORBCOMM from a “sell” rating to a “hold” rating in a research report on Wednesday, November 8th. Canaccord Genuity lifted their price objective on ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, September 11th. Finally, Northland Securities set a $13.00 price objective on ORBCOMM and gave the company a “buy” rating in a research report on Monday, August 28th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $13.25.
In other ORBCOMM news, Director Jerome B. Eisenberg sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $11.46, for a total transaction of $80,220.00. Following the transaction, the director now directly owns 967,363 shares in the company, valued at $11,085,979.98. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were 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. Over the last 90 days, insiders have sold 60,230 shares of company stock worth $638,714. Corporate insiders own 9.50% of the company’s stock.
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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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