Bank of Montreal Can lifted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 43.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 284,350 shares of the technology company’s stock after purchasing an additional 85,599 shares during the quarter. Bank of Montreal Can owned approximately 0.26% of Iridium Communications worth $6,398,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in IRDM. BlackRock Inc. boosted its holdings in Iridium Communications by 8.3% in the 2nd quarter. BlackRock Inc. now owns 12,461,562 shares of the technology company’s stock valued at $200,630,000 after purchasing an additional 949,870 shares during the period. Renaissance Technologies LLC boosted its holdings in Iridium Communications by 187.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,038,600 shares of the technology company’s stock valued at $16,721,000 after purchasing an additional 677,100 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Iridium Communications by 15.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,525,448 shares of the technology company’s stock valued at $72,860,000 after purchasing an additional 594,513 shares during the period. EAM Investors LLC bought a new stake in Iridium Communications in the 2nd quarter valued at $3,451,000. Finally, Monarch Partners Asset Management LLC bought a new stake in Iridium Communications in the 2nd quarter valued at $2,574,000. Institutional investors own 86.13% of the company’s stock.
In other news, CEO Matthew J. Desch sold 274,075 shares of Iridium Communications stock in a transaction that occurred on Monday, November 19th. The shares were sold at an average price of $21.53, for a total transaction of $5,900,834.75. Following the completion of the sale, the chief executive officer now owns 1,200,754 shares in the company, valued at approximately $25,852,233.62. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO S. Scott Smith sold 3,500 shares of Iridium Communications stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $20.10, for a total transaction of $70,350.00. Following the transaction, the chief operating officer now directly owns 221,034 shares in the company, valued at approximately $4,442,783.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 312,575 shares of company stock valued at $6,685,500. 5.60% of the stock is owned by corporate insiders.
IRDM has been the subject of a number of analyst reports. BidaskClub downgraded shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 26th. Northland Securities reiterated a “hold” rating and set a $14.75 target price on shares of Iridium Communications in a research report on Wednesday, August 1st. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 target price for the company in a research report on Friday, August 3rd. Sidoti reiterated a “neutral” rating on shares of Iridium Communications in a research report on Monday, August 27th. Finally, Raymond James raised their price objective on shares of Iridium Communications from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, October 10th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and two have issued a strong buy rating to the stock. Iridium Communications currently has an average rating of “Buy” and an average price target of $21.35.
IRDM traded up $1.31 during midday trading on Thursday, hitting $21.97. The company had a trading volume of 883,296 shares, compared to its average volume of 1,133,179. Iridium Communications Inc has a twelve month low of $10.75 and a twelve month high of $24.10. The company has a current ratio of 1.53, a quick ratio of 1.46 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $2.30 billion, a PE ratio of 31.39 and a beta of 2.00.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 25th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Iridium Communications had a return on equity of 1.01% and a net margin of 26.88%. The business had revenue of $136.76 million for the quarter, compared to analyst estimates of $128.32 million. On average, research analysts predict that Iridium Communications Inc will post -0.2 EPS for the current year.
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Iridium Communications 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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