JPMorgan Chase & Co. cut its stake in Iridium Communications Inc (NASDAQ:IRDM) by 11.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 134,219 shares of the technology company’s stock after selling 17,541 shares during the quarter. JPMorgan Chase & Co. owned about 0.14% of Iridium Communications worth $1,483,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in IRDM. Everence Capital Management Inc. purchased a new position in shares of Iridium Communications in the second quarter valued at $116,000. Victory Capital Management Inc. purchased a new position in Iridium Communications during the first quarter worth about $124,000. Chicago Partners Investment Group LLC purchased a new position in Iridium Communications during the second quarter worth about $155,000. Sei Investments Co. grew its position in Iridium Communications by 16.3% during the first quarter. Sei Investments Co. now owns 17,826 shares of the technology company’s stock worth $172,000 after buying an additional 2,503 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its position in Iridium Communications by 1.9% during the first quarter. Municipal Employees Retirement System of Michigan now owns 18,380 shares of the technology company’s stock worth $177,000 after buying an additional 340 shares in the last quarter.
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Several equities analysts recently commented on IRDM shares. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, July 31st. TheStreet cut Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Drexel Hamilton restated a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. Finally, ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $12.50.
In other news, COO S. Scott Smith sold 135,000 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was 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 in the company, valued at $3,247,590. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.40% of the company’s stock.
Iridium Communications Inc (IRDM) opened at 12.10 on Friday. The stock has a market capitalization of $1.18 billion, a PE ratio of 12.94 and a beta of 1.71. Iridium Communications Inc has a 12-month low of $7.50 and a 12-month high of $12.15. The stock has a 50 day moving average price of $10.60 and a 200-day moving average price of $10.53.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.05. The firm had revenue of $116.55 million during the quarter, compared to analyst estimates of $113.96 million. Iridium Communications had a return on equity of 8.68% and a net margin of 27.14%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 earnings per share. On average, equities analysts anticipate that Iridium Communications Inc will post $0.80 earnings per share for the current fiscal year.
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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