Swiss National Bank boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,400 shares of the technology company’s stock after acquiring an additional 7,000 shares during the period. Swiss National Bank owned 0.14% of Iridium Communications worth $1,669,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in IRDM. State Street Corp lifted its position in Iridium Communications by 2.1% during the 2nd quarter. State Street Corp now owns 2,028,349 shares of the technology company’s stock worth $22,409,000 after acquiring an additional 41,109 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Iridium Communications by 2.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,750 shares of the technology company’s stock worth $738,000 after purchasing an additional 1,418 shares during the period. Crossmark Global Holdings Inc. bought a new position in shares of Iridium Communications during the 3rd quarter worth about $286,000. Stevens Capital Management LP bought a new position in shares of Iridium Communications during the 3rd quarter worth about $232,000. Finally, Prudential Financial Inc. increased its holdings in shares of Iridium Communications by 0.7% during the 3rd quarter. Prudential Financial Inc. now owns 1,299,599 shares of the technology company’s stock worth $13,386,000 after purchasing an additional 8,933 shares during the period. 99.96% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Iridium Communications from a “hold” rating to a “sell” rating in a report on Saturday, February 24th. ValuEngine downgraded shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Friday, February 23rd. Finally, BidaskClub downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $13.00.
Iridium Communications Inc (IRDM) remained flat at $$11.40 during trading hours on Tuesday. The stock had a trading volume of 101,624 shares, compared to its average volume of 730,788. The company has a market cap of $1,134.34, a P/E ratio of 14.26, a P/E/G ratio of 31.86 and a beta of 1.79. Iridium Communications Inc has a 52 week low of $8.65 and a 52 week high of $13.25. The company has a current ratio of 1.92, a quick ratio of 1.83 and a debt-to-equity ratio of 1.01.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 22nd. The technology company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.24). The business had revenue of $115.50 million during the quarter, compared to the consensus estimate of $111.71 million. Iridium Communications had a net margin of 52.19% and a return on equity of 7.21%. The business’s revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.19 EPS. research analysts forecast that Iridium Communications Inc will post 0.07 earnings per share for the current fiscal year.
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About Iridium Communications
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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