Empire Life Investments Inc. bought a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 13,520 shares of the technology company’s stock, valued at approximately $357,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Iridium Communications by 0.9% in the 4th quarter. BlackRock Inc. now owns 14,161,310 shares of the technology company’s stock worth $261,277,000 after purchasing an additional 131,700 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Iridium Communications by 9.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,849,133 shares of the technology company’s stock worth $107,919,000 after purchasing an additional 517,624 shares in the last quarter. FMR LLC increased its stake in shares of Iridium Communications by 200.2% in the 4th quarter. FMR LLC now owns 3,673,682 shares of the technology company’s stock worth $67,779,000 after purchasing an additional 2,450,078 shares in the last quarter. Northern Trust Corp increased its stake in shares of Iridium Communications by 0.9% in the 4th quarter. Northern Trust Corp now owns 2,361,471 shares of the technology company’s stock worth $43,569,000 after purchasing an additional 20,563 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Iridium Communications by 7.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,072,678 shares of the technology company’s stock worth $46,636,000 after purchasing an additional 135,721 shares in the last quarter. Institutional investors and hedge funds own 84.77% of the company’s stock.
In other Iridium Communications news, COO S. Scott Smith sold 3,500 shares of the stock in a transaction on Monday, January 28th. The stock was sold at an average price of $18.17, for a total value of $63,595.00. Following the completion of the sale, the chief operating officer now owns 219,967 shares in the company, valued at approximately $3,996,800.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 23,500 shares of company stock valued at $472,390 in the last quarter. 5.00% of the stock is currently owned by company insiders.
Shares of IRDM stock opened at $26.18 on Thursday. Iridium Communications Inc has a 52-week low of $11.50 and a 52-week high of $28.24. The company has a quick ratio of 1.38, a current ratio of 1.49 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of -187.00 and a beta of 2.14.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 28th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.07. Iridium Communications had a negative return on equity of 0.29% and a negative net margin of 2.56%. The business had revenue of $132.20 million during the quarter, compared to analyst estimates of $127.99 million. During the same quarter in the prior year, the business posted $1.10 EPS. Iridium Communications’s revenue for the quarter was up 14.5% compared to the same quarter last year. Analysts expect that Iridium Communications Inc will post -0.77 EPS for the current year.
Several equities research analysts have recently commented on IRDM shares. Raymond James restated a “buy” rating on shares of Iridium Communications in a research note on Monday, January 14th. Northland Securities restated a “sell” rating and issued a $14.00 price objective on shares of Iridium Communications in a research note on Wednesday, March 20th. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research note on Thursday, February 14th. Finally, Zacks Investment Research lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $22.20.
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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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