Hancock Whitney Corp lessened its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 2.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 62,184 shares of the technology company’s stock after selling 1,673 shares during the quarter. Hancock Whitney Corp’s holdings in Iridium Communications were worth $1,644,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in IRDM. Creative Financial Designs Inc. ADV raised its stake in Iridium Communications by 18.3% in the first quarter. Creative Financial Designs Inc. ADV now owns 2,780 shares of the technology company’s stock valued at $74,000 after purchasing an additional 430 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Iridium Communications by 1.5% during the first quarter. State of Alaska Department of Revenue now owns 32,912 shares of the technology company’s stock worth $870,000 after acquiring an additional 500 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in Iridium Communications by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 37,515 shares of the technology company’s stock worth $992,000 after acquiring an additional 678 shares in the last quarter. Comerica Bank raised its stake in Iridium Communications by 0.7% during the fourth quarter. Comerica Bank now owns 94,057 shares of the technology company’s stock worth $1,754,000 after acquiring an additional 682 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Iridium Communications by 13.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,237 shares of the technology company’s stock worth $115,000 after acquiring an additional 761 shares in the last quarter. 84.41% of the stock is owned by institutional investors.
In other news, EVP Bryan J. Hartin sold 103,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $27.13, for a total value of $2,794,390.00. Following the completion of the transaction, the executive vice president now owns 192,562 shares of the company’s stock, valued at $5,224,207.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas D. Hickey sold 83,511 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $27.10, for a total value of $2,263,148.10. Following the completion of the transaction, the insider now directly owns 213,035 shares of the company’s stock, valued at approximately $5,773,248.50. The disclosure for this sale can be found here. Insiders sold 431,289 shares of company stock valued at $11,683,679 in the last ninety days. 5.00% of the stock is currently owned by insiders.
Shares of NASDAQ IRDM opened at $23.36 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.05 and a quick ratio of 0.96. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of -166.86 and a beta of 2.18. Iridium Communications Inc has a 12 month low of $15.70 and a 12 month high of $28.24.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.05. Iridium Communications had a negative return on equity of 2.14% and a negative net margin of 7.98%. The company had revenue of $133.70 million during the quarter, compared to the consensus estimate of $128.54 million. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. The firm’s revenue was up 12.3% compared to the same quarter last year. On average, sell-side analysts predict that Iridium Communications Inc will post -0.75 earnings per share for the current year.
Several brokerages have commented on IRDM. BidaskClub downgraded Iridium Communications from a “hold” rating to a “sell” rating in a research note on Monday. Raymond James downgraded Iridium Communications from a “strong-buy” rating to an “outperform” rating and boosted their target price for the stock from $25.00 to $30.00 in a research note on Wednesday, April 24th. Northland Securities reissued a “sell” rating and set a $14.00 target price on shares of Iridium Communications in a research note on Wednesday, March 20th. Finally, Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $23.50.
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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.
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