Iridium Communications (IRDM) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. raised its position in shares of Iridium Communications (NASDAQ:IRDM) by 4.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 105,500 shares of the technology company’s stock after acquiring an additional 4,960 shares during the period. Alliancebernstein L.P.’s holdings in Iridium Communications were worth $1,245,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Royce & Associates LP boosted its holdings in shares of Iridium Communications by 29.9% during the fourth quarter. Royce & Associates LP now owns 1,181,843 shares of the technology company’s stock worth $13,946,000 after acquiring an additional 271,930 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Iridium Communications by 1.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 594,113 shares of the technology company’s stock worth $7,011,000 after acquiring an additional 9,582 shares during the period. Brown Advisory Inc. boosted its holdings in shares of Iridium Communications by 13.8% during the fourth quarter. Brown Advisory Inc. now owns 460,463 shares of the technology company’s stock worth $5,433,000 after acquiring an additional 55,750 shares during the period. WealthTrust Axiom LLC boosted its holdings in shares of Iridium Communications by 5.7% during the fourth quarter. WealthTrust Axiom LLC now owns 425,304 shares of the technology company’s stock worth $5,018,000 after acquiring an additional 23,064 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in shares of Iridium Communications by 26.7% during the fourth quarter. Wells Fargo & Company MN now owns 343,830 shares of the technology company’s stock worth $4,056,000 after acquiring an additional 72,407 shares during the period. Institutional investors own 89.90% of the company’s stock.

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Shares of IRDM stock opened at $12.15 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.92 and a quick ratio of 1.83. The company has a market capitalization of $1,272.22, a P/E ratio of 17.36, a P/E/G ratio of 32.14 and a beta of 1.82. Iridium Communications has a 1 year low of $9.68 and a 1 year high of $13.25.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 22nd. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.24). The company had revenue of $115.50 million during the quarter, compared to the consensus estimate of $111.71 million. Iridium Communications had a net margin of 52.19% and a return on equity of 7.21%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share. analysts predict that Iridium Communications will post 0.07 earnings per share for the current year.

IRDM has been the subject of a number of research analyst reports. ValuEngine cut Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Friday, February 23rd. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Friday, December 29th. Finally, Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Tuesday, December 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Iridium Communications currently has an average rating of “Hold” and a consensus price target of $13.00.

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About Iridium Communications

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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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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