Wells Fargo & Company MN Has $9.43 Million Holdings in Iridium Communications Inc (IRDM)

Wells Fargo & Company MN boosted its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 143.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 838,345 shares of the technology company’s stock after acquiring an additional 494,515 shares during the quarter. Wells Fargo & Company MN owned about 0.76% of Iridium Communications worth $9,432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Deutsche Bank AG increased its stake in Iridium Communications by 21.1% during the fourth quarter. Deutsche Bank AG now owns 360,673 shares of the technology company’s stock worth $4,253,000 after acquiring an additional 62,720 shares during the last quarter. First Trust Advisors LP increased its stake in Iridium Communications by 20.6% during the fourth quarter. First Trust Advisors LP now owns 221,699 shares of the technology company’s stock worth $2,616,000 after acquiring an additional 37,935 shares during the last quarter. Swiss National Bank grew its stake in shares of Iridium Communications by 5.2% during the fourth quarter. Swiss National Bank now owns 141,400 shares of the technology company’s stock valued at $1,669,000 after buying an additional 7,000 shares during the last quarter. Brown Advisory Inc. grew its stake 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 valued at $5,433,000 after buying an additional 55,750 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Iridium Communications by 152.0% during the fourth quarter. Clearbridge Investments LLC now owns 221,238 shares of the technology company’s stock valued at $2,611,000 after buying an additional 133,448 shares during the last quarter. 88.59% of the stock is currently owned by institutional investors.

A number of research analysts have recently commented on the company. BidaskClub raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 6th. ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 31st. Zacks Investment Research cut Iridium Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 26th. TheStreet cut Iridium Communications from a “b” rating to a “c+” rating in a research note on Tuesday, May 15th. Finally, BWS Financial assumed coverage on Iridium Communications in a research note on Wednesday, May 9th. They set a “buy” rating and a $22.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $15.25.

Iridium Communications opened at $16.65 on Thursday, according to Marketbeat Ratings. The company has a market cap of $1.88 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 31.88 and a beta of 1.86. Iridium Communications Inc has a one year low of $9.68 and a one year high of $17.95. The company has a current ratio of 2.68, a quick ratio of 2.58 and a debt-to-equity ratio of 1.23.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, April 26th. The technology company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The firm had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $111.60 million. Iridium Communications had a return on equity of 5.19% and a net margin of 44.81%. The company’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.30 earnings per share. equities research analysts predict that Iridium Communications Inc will post 0.11 earnings per share for the current year.

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.

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

Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply