CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless products, services and solutions, has signed an OEM partner agreement to provide devices and platform services to power Toyota Industrial Equipment’s (TIE) new T-Matics MOBILE™ Vehicle Management System (VMS), a fleet management tool that tracks and reports operating behavior of forklifts and forklift operators communicating over public cellular networks. The CalAmp solution will be installed directly on TIE’s production line.
Powered by CalAmp technology, including a range of its tracking devices and CalAmp Connect™, an extensive cloud-based service enablement platform, T-Matics MOBILE is a cellular telematics solution that provides a full-featured set of integrated monitoring and analytics functions. Key features that CalAmp’s technology enables include electronic hour meter collection and monitoring, fault code reporting, impact detection and alerting, fleet utilization and optimization, and asset tracking with GPS. The T-Matics MOBILE solution was designed to create operator accountability, reduce impacts, and improve scheduled maintenance, while providing extensive data to effectively manage material handling operations and workplace logistics to facilitate broad fleet efficiency.
For the new solution, CalAmp developed compatibility with Toyota’s on-board communication protocol in order to decode and act on messages coming directly from the forklift’s electronic control module. Leveraging PEG™, CalAmp’s proven and highly configurable embedded programmable event generator technology, key information is communicated to the CalAmp Connect platform based on the occurrence of events in the field.CalAmp also enhanced its patent-pending embedded accelerometer technology to augment and improve indoor tracking capabilities, enhance collection of usage metrics and detect collisions for these relatively slow moving vehicles, including real-time estimates of the impact severity.
“The need to track and analyze fleet data is growing. CalAmp’s unique capabilities are an excellent fit with the T-Matics MOBILE solution,” said Mike Zachan, Vice President and General Manager of CalAmp’s Wireless Networks business. “By combining Toyota innovation along with CalAmp’s field-tested device portfolio, scalable platform and proven track record working with OEMs, T-Matics MOBILE expedites data-driven operational decisions that can help forklift-based fleets of any size work effectively to increase profitability and productivity.”
“Toyota is delighted to partner with CalAmp to provide their industry-leading technology to our customers. We look forward to continue working together to provide the only individual forklift-based cellular telematics solution currently on the market that reports on the utilization, productivity and maintenance needs of individual forklifts or entire fleets,” said Toyota’s National Fleet Manager Jewell Brown. (Original Source)
Shares of Calamp closed yesterday at $16.23 . CAMP has a 1-year high of $21.82 and a 1-year low of $15.32. The stock’s 50-day moving average is $17.79 and its 200-day moving average is $18.45.
On the ratings front, Calamp has been the subject of a number of recent research reports. In a report issued on August 13, Canaccord Genuity analyst Michael Walkley maintained a Buy rating on CAMP, with a price target of $26, which represents a potential upside of 60.2% from where the stock is currently trading. Separately, on July 1, Northland Securities’ Michael Latimore maintained a Buy rating on the stock and has a price target of $28.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Walkley and Michael Latimore have a total average return of 18.0% and -3.9% respectively. Walkley has a success rate of 59.4% and is ranked #23 out of 3741 analysts, while Latimore has a success rate of 43.4% and is ranked #3419.
CalAmp Corp provides wireless communications solutions applications to customers. Its business activities are organized into its Wireless DataCom and Satellite business segments.