Citadel Advisors LLC Invests $411,000 in ORBCOMM Inc. (ORBC)

Citadel Advisors LLC purchased a new stake in shares of ORBCOMM Inc. (NASDAQ:ORBC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 36,350 shares of the technology company’s stock, valued at approximately $411,000. Citadel Advisors LLC owned approximately 0.05% of ORBCOMM at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of ORBCOMM by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after purchasing an additional 447 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of ORBCOMM by 0.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 174,025 shares of the technology company’s stock valued at $1,966,000 after purchasing an additional 550 shares in the last quarter. Paloma Partners Management Co raised its holdings in shares of ORBCOMM by 3.3% during the 1st quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after purchasing an additional 644 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of ORBCOMM by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after purchasing an additional 670 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of ORBCOMM by 1.7% during the 2nd quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock valued at $829,000 after purchasing an additional 1,235 shares in the last quarter. Institutional investors and hedge funds own 77.21% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This news story was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this news story on another website, it was stolen and republished in violation of U.S. & international copyright laws. The correct version of this news story can be read at https://ledgergazette.com/2017/10/10/citadel-advisors-llc-invests-411000-in-orbcomm-inc-orbc.html.

In other ORBCOMM news, CEO Marc Eisenberg sold 115,000 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $11.27, for a total transaction of $1,296,050.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $11.51, for a total transaction of $80,570.00. The disclosure for this sale can be found here. Insiders sold 503,864 shares of company stock worth $5,651,195 over the last three months. Insiders own 9.50% of the company’s stock.

A number of research analysts have recently weighed in on ORBC shares. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research downgraded shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Canaccord Genuity raised their price target on shares of ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday, September 11th. Northland Securities set a $13.00 price target on shares of ORBCOMM and gave the company a “buy” rating in a report on Monday, August 28th. Finally, Craig Hallum set a $13.00 price target on shares of ORBCOMM and gave the company a “buy” rating in a report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.25.

ORBCOMM Inc. (ORBC) opened at 11.74 on Tuesday. The company has a 50-day moving average of $10.84 and a 200-day moving average of $10.56. The firm’s market capitalization is $862.87 million. ORBCOMM Inc. has a 1-year low of $7.15 and a 1-year high of $11.99.

ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.05). The firm had revenue of $56.96 million for the quarter, compared to the consensus estimate of $52.93 m

Several other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of ORBCOMM by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after purchasing an additional 447 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of ORBCOMM by 0.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 174,025 shares of the technology company’s stock valued at $1,966,000 after purchasing an additional 550 shares in the last quarter. Paloma Partners Management Co raised its holdings in shares of ORBCOMM by 3.3% during the 1st quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after purchasing an additional 644 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of ORBCOMM by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after purchasing an additional 670 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of ORBCOMM by 1.7% during the 2nd quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock valued at $829,000 after purchasing an additional 1,235 shares in the last quarter. Institutional investors and hedge funds own 77.21% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This news story was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this news story on another website, it was stolen and republished in violation of U.S. & international copyright laws. The correct version of this news story can be read at https://ledgergazette.com/2017/10/10/citadel-advisors-llc-invests-411000-in-orbcomm-inc-orbc.html.

In other ORBCOMM news, CEO Marc Eisenberg sold 115,000 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $11.27, for a total transaction of $1,296,050.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $11.51, for a total transaction of $80,570.00. The disclosure for this sale can be found here. Insiders sold 503,864 shares of company stock worth $5,651,195 over the last three months. Insiders own 9.50% of the company’s stock.

A number of research analysts have recently weighed in on ORBC shares. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research downgraded shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Canaccord Genuity raised their price target on shares of ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday, September 11th. Northland Securities set a $13.00 price target on shares of ORBCOMM and gave the company a “buy” rating in a report on Monday, August 28th. Finally, Craig Hallum set a $13.00 price target on shares of ORBCOMM and gave the company a “buy” rating in a report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.25.

ORBCOMM Inc. (ORBC) opened at 11.74 on Tuesday. The company has a 50-day moving average of $10.84 and a 200-day moving average of $10.56. The firm’s market capitalization is $862.87 million. ORBCOMM Inc. has a 1-year low of $7.15 and a 1-year high of $11.99.

ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.05). The firm had revenue of $56.96 million for the quarter, compared to the consensus estimate of $52.93 million. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The business’s revenue was up 13.8% compared to the same quarter last year. During the same period last year, the company posted ($0.06) earnings per share. On average, equities analysts predict that ORBCOMM Inc. will post ($0.35) earnings per share for the current year.

ORBCOMM 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.

Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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