Dupont Capital Management Corp decreased its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 8.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,144 shares of the technology company’s stock after selling 2,245 shares during the quarter. Dupont Capital Management Corp’s holdings in Iridium Communications were worth $640,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. UBS Asset Management Americas Inc. boosted its holdings in shares of Iridium Communications by 4.6% during the 4th quarter. UBS Asset Management Americas Inc. now owns 124,690 shares of the technology company’s stock worth $3,072,000 after buying an additional 5,489 shares during the period. Bank of America Corp DE boosted its holdings in shares of Iridium Communications by 25.0% during the 4th quarter. Bank of America Corp DE now owns 113,804 shares of the technology company’s stock worth $2,804,000 after buying an additional 22,791 shares during the period. Profund Advisors LLC boosted its holdings in shares of Iridium Communications by 3.1% during the 4th quarter. Profund Advisors LLC now owns 12,597 shares of the technology company’s stock worth $310,000 after buying an additional 379 shares during the period. Mason Street Advisors LLC boosted its holdings in shares of Iridium Communications by 2.8% during the 4th quarter. Mason Street Advisors LLC now owns 33,789 shares of the technology company’s stock worth $833,000 after buying an additional 918 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Iridium Communications by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 1,354,831 shares of the technology company’s stock worth $33,383,000 after buying an additional 39,269 shares during the period. Institutional investors own 81.77% of the company’s stock.
Several research firms recently issued reports on IRDM. BidaskClub raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Thursday. Zacks Investment Research downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 price objective for the company. in a report on Monday, June 15th. Raymond James increased their price target on shares of Iridium Communications from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Barclays reduced their price target on shares of Iridium Communications from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $30.40.
Shares of Iridium Communications stock opened at $27.39 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.60. Iridium Communications Inc has a fifty-two week low of $16.87 and a fifty-two week high of $32.08. The firm has a fifty day moving average price of $26.13 and a two-hundred day moving average price of $24.99. The company has a market cap of $3.62 billion, a PE ratio of -21.23 and a beta of 1.41.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, July 28th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.05. Iridium Communications had a negative net margin of 29.87% and a negative return on equity of 3.97%. The company had revenue of $140.17 million during the quarter, compared to analysts’ expectations of $136.76 million. During the same quarter in the prior year, the company posted ($0.16) EPS. The business’s revenue was down 2.0% on a year-over-year basis. Analysts expect that Iridium Communications Inc will post -0.48 earnings per share for the current fiscal year.
In other news, VP Timothy Kapalka sold 9,375 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $26.39, for a total value of $247,406.25. Following the completion of the transaction, the vice president now owns 34,736 shares in the company, valued at approximately $916,683.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew J. Desch sold 200,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $28.50, for a total transaction of $5,700,000.00. Following the completion of the transaction, the chief executive officer now owns 1,061,846 shares of the company’s stock, valued at approximately $30,262,611. The disclosure for this sale can be found here. In the last 90 days, insiders sold 334,375 shares of company stock valued at $9,388,906. Corporate insiders own 3.80% of the company’s stock.
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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