Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 64.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,138,679 shares of the technology company’s stock after acquiring an additional 834,284 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 1.62% of Iridium Communications worth $54,408,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. Capital International Investors grew its stake in Iridium Communications by 44.1% during the first quarter. Capital International Investors now owns 4,795,145 shares of the technology company’s stock worth $107,076,000 after buying an additional 1,467,081 shares in the last quarter. Nikko Asset Management Americas Inc. grew its stake in Iridium Communications by 3,873.2% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,304,756 shares of the technology company’s stock worth $29,135,000 after buying an additional 1,271,917 shares in the last quarter. Norges Bank acquired a new stake in Iridium Communications during the fourth quarter worth about $26,507,000. Clearbridge Investments LLC lifted its holdings in shares of Iridium Communications by 30.4% in the first quarter. Clearbridge Investments LLC now owns 1,498,754 shares of the technology company’s stock worth $33,467,000 after acquiring an additional 349,443 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Iridium Communications by 8.4% in the first quarter. State Street Corp now owns 3,605,019 shares of the technology company’s stock worth $80,500,000 after acquiring an additional 278,155 shares during the last quarter. Institutional investors and hedge funds own 81.77% of the company’s stock.
Shares of NASDAQ IRDM opened at $27.39 on Friday. Iridium Communications Inc has a 12 month low of $16.87 and a 12 month high of $32.08. The company has a current ratio of 2.25, a quick ratio of 1.60 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of -21.23 and a beta of 1.41. The business has a 50-day moving average of $26.13 and a 200-day moving average of $24.99.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, July 28th. The technology company reported ($0.09) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.05. The company had revenue of $140.17 million during the quarter, compared to analyst estimates of $136.76 million. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. Iridium Communications’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.16) earnings per share. On average, analysts predict that Iridium Communications Inc will post -0.48 earnings per share for the current year.
In related news, CEO Matthew J. Desch sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $28.50, for a total value of $5,700,000.00. Following the completion of the sale, the chief executive officer now owns 1,061,846 shares in the company, valued at approximately $30,262,611. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Timothy Kapalka sold 9,375 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $26.39, for a total value of $247,406.25. Following the completion of the sale, the vice president now owns 34,736 shares of the company’s stock, valued at approximately $916,683.04. The disclosure for this sale can be found here. Insiders sold a total of 334,375 shares of company stock valued at $9,388,906 in the last 90 days. 3.80% of the stock is currently owned by corporate insiders.
A number of research analysts have recently commented on IRDM shares. Zacks Investment Research cut shares of Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 target price for the company. in a report on Monday, June 15th. Barclays decreased their target price on shares of Iridium Communications from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. BidaskClub raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Raymond James boosted their price objective on Iridium Communications from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday. One research 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 stock. Iridium Communications has a consensus rating of “Buy” and an average target price of $30.40.
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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