Empire Life Investments Inc. Buys Shares of 13,520 Iridium Communications Inc (IRDM)

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.

COPYRIGHT VIOLATION NOTICE: “Empire Life Investments Inc. Buys Shares of 13,520 Iridium Communications Inc (IRDM)” was reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright laws. The correct version of this piece can be accessed at https://www.dispatchtribunal.com/2019/04/18/empire-life-investments-inc-buys-shares-of-13520-iridium-communications-inc-irdm.html.

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.

Read More: Dividend

Want to see what other hedge funds are holding IRDM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iridium Communications Inc (NASDAQ:IRDM).

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.