Lebenthal Asset Management adds ORBCOMM Inc (ORBC) to its portfolio

ORBCOMM Inc (ORBC) : Lebenthal Asset Management added new position in ORBCOMM Inc during the most recent quarter end. The investment management firm now holds 884,692 shares of ORBCOMM Inc which is valued at $9,174,256 , the company said in a statement filed on Aug 11, 2016 with the SEC.ORBCOMM Inc makes up approximately 1.15% of Lebenthal Asset Management’s portfolio.

Other Hedge Funds, Including , Connors Investor Services Inc reduced its stake in ORBC by selling 5,000 shares or 20.0% in the most recent quarter. The Hedge Fund company now holds 20,000 shares of ORBC which is valued at $207,400. ORBCOMM Inc makes up approx 0.04% of Connors Investor Services Inc’s portfolio. Tower Research Capital (trc) added ORBC to its portfolio by purchasing 330 company shares during the most recent quarter which is valued at $3,422.Vanguard Group Inc boosted its stake in ORBC in the latest quarter, The investment management firm added 68,626 additional shares and now holds a total of 4,909,616 shares of ORBCOMM Inc which is valued at $50,912,718.Jennison Associates reduced its stake in ORBC by selling 2,566,330 shares or 51.66% in the most recent quarter. The Hedge Fund company now holds 2,401,564 shares of ORBC which is valued at $25,960,907. ORBCOMM Inc makes up approx 0.03% of Jennison Associates’s portfolio.Levy Harkins Co Inc reduced its stake in ORBC by selling 53,979 shares or 1.81% in the most recent quarter. The Hedge Fund company now holds 2,923,217 shares of ORBC which is valued at $29,846,046. ORBCOMM Inc makes up approx 13.02% of Levy Harkins Co Inc’s portfolio.

ORBCOMM Inc opened for trading at $10.24 and hit $10.36 on the upside on Tuesday, eventually ending the session at $10.26, with a gain of 0.29% or 0.03 points. The heightened volatility saw the trading volume jump to 6,94,966 shares. Company has a market cap of $728 M.

On the company’s financial health, ORBCOMM Inc reported $-0.06 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $-0.04. The company had revenue of $50.06 million for the quarter, compared to analysts expectations of $49.00 million. The company’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.17 EPS.

Many Wall Street Analysts have commented on ORBCOMM Inc. Company shares were Reiterated by First Analysis Sec on May 18, 2016 to “Overweight”, Firm has raised the Price Target to $ 14 from a previous price target of $11 .

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 enhance security for a range of assets such as trailers trucks rail cars intermodal containers generators fluid tanks marine vessels 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. Additionally the Company provides Automatic Identification System (AIS) data services for vessel tracking and to improve maritime safety to government and commercial customers worldwide. The Company provides its services using multiple network platforms including its own constellation of 30 low-Earth orbit satellites one AIS microsatellite and its accompanying ground infrastructure.

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