Elk Creek Partners LLC cut its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 9.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 985,318 shares of the technology company’s stock after selling 99,134 shares during the period. Elk Creek Partners LLC owned approximately 1.01% of Iridium Communications worth $10,888,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Iridium Communications by 67,429.0% during the 1st quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock worth $122,024,000 after purchasing an additional 12,626,087 shares during the period. Vanguard Group Inc. boosted its stake in shares of Iridium Communications by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after purchasing an additional 457,168 shares during the period. Van Berkom & Associates Inc. boosted its stake in shares of Iridium Communications by 5.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 5,302,671 shares of the technology company’s stock worth $58,595,000 after purchasing an additional 282,084 shares during the period. LSV Asset Management boosted its stake in shares of Iridium Communications by 23.5% during the 2nd quarter. LSV Asset Management now owns 4,002,216 shares of the technology company’s stock worth $44,224,000 after purchasing an additional 761,679 shares during the period. Finally, Pinnacle Associates Ltd. boosted its stake in shares of Iridium Communications by 16.8% during the 2nd quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock worth $35,024,000 after purchasing an additional 455,585 shares during the period.
In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief operating officer now owns 309,000 shares of the company’s stock, valued at $3,247,590. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 6.40% of the company’s stock.
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Iridium Communications Inc (NASDAQ IRDM) traded up 3.06% during midday trading on Friday, reaching $10.10. 1,364,008 shares of the company’s stock traded hands. The firm’s 50-day moving average is $10.21 and its 200-day moving average is $10.16. Iridium Communications Inc has a 1-year low of $7.36 and a 1-year high of $11.58. The company has a market capitalization of $986.45 million, a price-to-earnings ratio of 10.80 and a beta of 1.72.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The company had revenue of $111.60 million during the quarter, compared to analyst estimates of $109.18 million. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. Iridium Communications’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 earnings per share. Analysts forecast that Iridium Communications Inc will post $0.80 earnings per share for the current year.
A number of equities analysts recently commented on the stock. Drexel Hamilton reaffirmed a “buy” rating and set a $14.00 price target on shares of Iridium Communications in a research note on Thursday, August 31st. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Monday, July 31st. BidaskClub raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Finally, TheStreet cut shares of Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $13.00.
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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