Nationwide Fund Advisors continued to hold its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,097 shares of the technology company’s stock at the close of the second quarter. Nationwide Fund Advisors owned approximately 0.06% of Iridium Communications worth $609,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of IRDM. Ameriprise Financial Inc. raised its position in shares of Iridium Communications by 5.0% in the 1st quarter. Ameriprise Financial Inc. now owns 427,277 shares of the technology company’s stock worth $4,123,000 after buying an additional 20,381 shares during the period. Victory Capital Management Inc. purchased a new position in shares of Iridium Communications in the 1st quarter worth $124,000. Municipal Employees Retirement System of Michigan raised its position in shares of Iridium Communications by 1.9% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 18,380 shares of the technology company’s stock worth $177,000 after buying an additional 340 shares during the period. OppenheimerFunds Inc. raised its position in shares of Iridium Communications by 36.6% in the 1st quarter. OppenheimerFunds Inc. now owns 37,146 shares of the technology company’s stock worth $358,000 after buying an additional 9,945 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Iridium Communications by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 627,317 shares of the technology company’s stock worth $6,054,000 after buying an additional 20,723 shares during the period.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.18 by $0.05. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The business had revenue of $116.55 million for the quarter, compared to analysts’ expectations of $113.96 million. During the same period in the previous year, the company posted $0.26 EPS. Iridium Communications’s revenue was up 3.3% on a year-over-year basis.
In other news, COO S. Scott Smith sold 135,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the transaction, 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 SEC, which is available at this hyperlink. Insiders own 6.40% of the company’s stock.
IRDM has been the topic of several research reports. ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Drexel Hamilton reaffirmed a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Monday, July 31st. Wells Fargo & Company increased their target price on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research report on Friday, October 27th. Finally, TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $12.33.
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Iridium Communications 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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