State of New Jersey Common Pension Fund D Invests $1.36 Million in ORBCOMM Inc (NASDAQ:ORBC)

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State of New Jersey Common Pension Fund D acquired a new position in ORBCOMM Inc (NASDAQ:ORBC) in the third quarter, HoldingsChannel reports. The institutional investor acquired 286,500 shares of the technology company’s stock, valued at approximately $1,364,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ORBC. Capital Fund Management S.A. purchased a new stake in shares of ORBCOMM in the second quarter worth $82,000. Steward Partners Investment Advisory LLC purchased a new position in ORBCOMM during the second quarter valued at $95,000. M&T Bank Corp grew its stake in ORBCOMM by 34.8% during the second quarter. M&T Bank Corp now owns 21,930 shares of the technology company’s stock valued at $158,000 after acquiring an additional 5,659 shares in the last quarter. Menta Capital LLC purchased a new position in ORBCOMM during the second quarter valued at $171,000. Finally, Trexquant Investment LP grew its stake in ORBCOMM by 87.3% during the second quarter. Trexquant Investment LP now owns 24,550 shares of the technology company’s stock valued at $178,000 after acquiring an additional 11,446 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts recently weighed in on ORBC shares. Zacks Investment Research cut shares of ORBCOMM from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Craig Hallum raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $7.50 target price for the company in a research note on Thursday, August 22nd. Finally, BidaskClub raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $8.75.

Shares of NASDAQ:ORBC traded down $0.02 on Tuesday, reaching $4.52. The company’s stock had a trading volume of 1,113 shares, compared to its average volume of 1,057,429. ORBCOMM Inc has a 52-week low of $3.58 and a 52-week high of $10.00. The company has a market cap of $360.90 million, a P/E ratio of -13.76 and a beta of 1.01. The company has a 50-day simple moving average of $4.58 and a 200 day simple moving average of $6.09. The company has a debt-to-equity ratio of 1.03, a quick ratio of 2.14 and a current ratio of 2.77.

ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). ORBCOMM had a negative net margin of 8.03% and a negative return on equity of 8.61%. The business had revenue of $69.19 million during the quarter, compared to analysts’ expectations of $71.43 million. During the same period last year, the company posted ($0.04) EPS. The business’s revenue was down 2.6% on a year-over-year basis. On average, equities research analysts forecast that ORBCOMM Inc will post -0.24 EPS for the current fiscal year.

In other news, Director John E. Major bought 20,000 shares of the stock in a transaction dated Monday, November 4th. The stock was purchased at an average price of $4.30 per share, for a total transaction of $86,000.00. Following the acquisition, the director now owns 121,617 shares of the company’s stock, valued at $522,953.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Marc Eisenberg bought 18,000 shares of the stock in a transaction dated Monday, November 4th. The stock was purchased at an average price of $4.52 per share, with a total value of $81,360.00. Insiders acquired a total of 53,000 shares of company stock valued at $246,110 over the last three months. Corporate insiders own 7.30% of the company’s stock.

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.

Further Reading: Do investors pay a separate front-end load every time they buy additional shares?

Want to see what other hedge funds are holding ORBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ORBCOMM Inc (NASDAQ:ORBC).

Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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