Schwab Charles Investment Management Inc. increased its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 3.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 540,390 shares of the technology company’s stock after buying an additional 15,715 shares during the period. Schwab Charles Investment Management Inc. owned 0.55% of Iridium Communications worth $5,972,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after buying an additional 457,168 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Iridium Communications by 49.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 27,560 shares of the technology company’s stock valued at $305,000 after buying an additional 9,180 shares in the last quarter. Karp Capital Management Corp acquired a new stake in shares of Iridium Communications in the first quarter valued at approximately $443,000. Jane Street Group LLC acquired a new stake in shares of Iridium Communications in the first quarter valued at approximately $483,000. Finally, Van Berkom & Associates Inc. raised its position in shares of Iridium Communications by 5.6% in the second quarter. Van Berkom & Associates Inc. now owns 5,302,671 shares of the technology company’s stock valued at $58,595,000 after buying an additional 282,084 shares in the last quarter.
IRDM has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research report on Wednesday, September 27th. ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Drexel Hamilton reissued a “buy” rating and issued a $14.00 price objective on shares of Iridium Communications in a research note on Thursday, August 31st. BidaskClub raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Finally, TheStreet cut shares of Iridium Communications from a “b” rating to a “c+” rating in a research note on Thursday, August 17th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Iridium Communications currently has an average rating of “Buy” and a consensus price target of $12.50.
In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total value of $1,418,850.00. Following the sale, the chief operating officer now directly owns 309,000 shares in the company, valued at approximately $3,247,590. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.40% of the company’s stock.
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Iridium Communications Inc (NASDAQ IRDM) opened at 11.40 on Thursday. The company has a 50-day moving average of $10.44 and a 200-day moving average of $10.41. Iridium Communications Inc has a 52 week low of $7.50 and a 52 week high of $11.57. The company has a market capitalization of $1.11 billion, a PE ratio of 12.19 and a beta of 1.71.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The business had revenue of $111.60 million for the quarter, compared to analysts’ expectations of $109.18 million. During the same period in the prior year, the company posted $0.22 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts anticipate that Iridium Communications Inc will post $0.80 EPS for the current year.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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