The Adage Capital Partners GP L.L.C. Boosts Position in Orbcomm Inc. (ORBC)

The Adage Capital Partners GP L.L.C. Boosts Position in Orbcomm Inc. (ORBC)

Adage Capital Partners GP L.L.C. increased its position in shares of Orbcomm Inc. (NASDAQ:ORBC) by 41.3% during the third quarter, Holdings Channel reports. The fund owned 2,010,263 shares of the company’s stock after buying an additional 587,735 shares during the period. Adage Capital Partners GP L.L.C. owned about 2.83% of Orbcomm worth $20,605,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of ORBC. Principal Financial Group Inc. increased its stake in Orbcomm by 3.7% in the second quarter. Principal Financial Group Inc. now owns 11,367 shares of the company’s stock worth $113,000 after buying an additional 401 shares during the last quarter. Airain ltd bought a new position in shares of Orbcomm during the third quarter valued at about $167,000. State Board of Administration of Florida Retirement System bought a new position in shares of Orbcomm during the second quarter valued at about $189,000. Global Endowment Management LP bought a new position in shares of Orbcomm during the third quarter valued at about $200,000. Finally, Citadel Advisors LLC increased its position in shares of Orbcomm by 94.7% in the third quarter. Citadel Advisors LLC now owns 21,225 shares of the company’s stock valued at $218,000 after buying an additional 10,325 shares in the last quarter. Institutional investors own 82.20% of the company’s stock.

Orbcomm Inc. (NASDAQ:ORBC) opened at 8.20 on Thursday. The company’s 50 day moving average price is $8.51 and its 200 day moving average price is $9.41. The firm’s market capitalization is $582.33 million. Orbcomm Inc. has a 12 month low of $6.83 and a 12 month high of $10.98.

Orbcomm (NASDAQ:ORBC) last posted its earnings results on Wednesday, November 2nd. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). Orbcomm had a negative net margin of 10.86% and a negative return on equity of 2.86%. The firm earned $46.30 million during the quarter, compared to analysts’ expectations of $51.12 million. During the same quarter in the prior year, the firm earned $0.03 EPS. Orbcomm’s quarterly revenue was up .4% on a year-over-year basis. Analysts anticipate that Orbcomm Inc. will post ($0.33) EPS for the current year.

Several research analysts recently issued reports on the company. Canaccord Genuity restated a “buy” rating and set a $14.00 price objective on shares of Orbcomm in a research report on Friday, December 2nd. Macquarie assumed coverage on Orbcomm in a research report on Monday, October 31st. They set an “outperform” rating for the company. Finally, Zacks Investment Research upgraded Orbcomm from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 6th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $11.85.

In other Orbcomm news, Director Jerome B. Eisenberg sold 5,000 shares of the company’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $8.67, for a total value of $43,350.00. Following the completion of the transaction, the director now owns 988,791 shares in the company, valued at approximately $8,572,817.97. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.50% of the stock is currently owned by company insiders.

Orbcomm Company Profile

ORBCOMM Inc is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal 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 the transportation and distribution, heavy equipment, oil and gas, maritime and government industries.

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