WealthTrust Axiom LLC lifted its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 0.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 419,843 shares of the technology company’s stock after purchasing an additional 369 shares during the quarter. Iridium Communications accounts for about 3.9% of WealthTrust Axiom LLC’s holdings, making the stock its largest position. WealthTrust Axiom LLC’s holdings in Iridium Communications were worth $11,100,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in shares of Iridium Communications by 7.0% during the third quarter. Bank of New York Mellon Corp now owns 2,072,678 shares of the technology company’s stock worth $46,636,000 after purchasing an additional 135,721 shares during the period. Man Group plc bought a new position in shares of Iridium Communications in the third quarter valued at approximately $1,962,000. AQR Capital Management LLC raised its position in shares of Iridium Communications by 281.7% in the third quarter. AQR Capital Management LLC now owns 71,004 shares of the technology company’s stock valued at $1,598,000 after purchasing an additional 52,402 shares during the period. Teachers Advisors LLC raised its position in shares of Iridium Communications by 25.8% in the third quarter. Teachers Advisors LLC now owns 369,430 shares of the technology company’s stock valued at $8,312,000 after purchasing an additional 75,753 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Iridium Communications by 33.2% in the third quarter. Legal & General Group Plc now owns 223,381 shares of the technology company’s stock valued at $4,974,000 after purchasing an additional 55,727 shares during the period. Institutional investors and hedge funds own 85.16% of the company’s stock.
In related news, Director S. Scott Smith sold 3,500 shares of the business’s stock in a transaction on Monday, February 11th. The shares were sold at an average price of $19.54, for a total transaction of $68,390.00. Following the transaction, the director now owns 219,967 shares of the company’s stock, valued at $4,298,155.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas D. Hickey sold 83,511 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $27.10, for a total transaction of $2,263,148.10. Following the transaction, the insider now directly owns 213,035 shares in the company, valued at approximately $5,773,248.50. The disclosure for this sale can be found here. Insiders have sold 444,289 shares of company stock worth $11,958,144 in the last ninety days. 5.00% of the stock is currently owned by insiders.
Shares of IRDM stock opened at $27.19 on Friday. Iridium Communications Inc has a 1 year low of $11.50 and a 1 year high of $28.24. The company has a quick ratio of 0.96, a current ratio of 1.05 and a debt-to-equity ratio of 1.09.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.05. Iridium Communications had a negative net margin of 7.98% and a negative return on equity of 2.14%. The business had revenue of $133.70 million for the quarter, compared to analyst estimates of $128.54 million. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. Iridium Communications’s revenue was up 12.3% compared to the same quarter last year. On average, sell-side analysts forecast that Iridium Communications Inc will post -0.66 earnings per share for the current fiscal year.
IRDM has been the topic of a number of recent analyst reports. Northland Securities reissued a “sell” rating and issued a $14.00 price target on shares of Iridium Communications in a research report on Wednesday, March 20th. Raymond James set a $25.00 target price on shares of Iridium Communications and gave the stock a “buy” rating in a research report on Friday, March 1st. BidaskClub raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 20th. Finally, Zacks Investment Research lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Iridium Communications presently has an average rating of “Buy” and a consensus target price of $23.50.
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Iridium Communications Company Profile
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.
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