Iridium Communications Inc (IRDM) Shares Bought by BlackRock Inc.

BlackRock Inc. raised its stake in Iridium Communications Inc (NASDAQ:IRDM) by 8.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,461,562 shares of the technology company’s stock after acquiring an additional 949,870 shares during the period. BlackRock Inc. owned 11.25% of Iridium Communications worth $200,630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Advisors Preferred LLC acquired a new stake in shares of Iridium Communications during the second quarter worth about $127,000. Independent Advisor Alliance acquired a new stake in shares of Iridium Communications during the second quarter worth about $161,000. Wedbush Securities Inc. acquired a new stake in shares of Iridium Communications during the second quarter worth about $169,000. Trexquant Investment LP acquired a new stake in shares of Iridium Communications during the second quarter worth about $214,000. Finally, Levin Capital Strategies L.P. acquired a new stake in shares of Iridium Communications during the first quarter worth about $253,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

Shares of NASDAQ:IRDM opened at $20.10 on Tuesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.18 and a quick ratio of 2.09. The stock has a market capitalization of $2.22 billion, a P/E ratio of 28.71 and a beta of 1.84. Iridium Communications Inc has a 52 week low of $9.80 and a 52 week high of $21.55.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, July 31st. The technology company reported ($0.06) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.06). The firm had revenue of $134.93 million during the quarter, compared to the consensus estimate of $120.54 million. Iridium Communications had a net margin of 36.66% and a return on equity of 3.72%. The firm’s revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 earnings per share. sell-side analysts anticipate that Iridium Communications Inc will post -0.14 earnings per share for the current fiscal year.

IRDM has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 target price for the company in a research note on Friday, August 3rd. BidaskClub upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 9th. Northland Securities reiterated a “hold” rating and set a $14.75 target price on shares of Iridium Communications in a research note on Wednesday, August 1st. ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 31st. Finally, Sidoti reiterated a “neutral” rating on shares of Iridium Communications in a research note on Monday, August 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $17.44.

In related news, COO S. Scott Smith sold 3,500 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $20.10, for a total value of $70,350.00. Following the completion of the sale, the chief operating officer now owns 221,034 shares in the company, valued at $4,442,783.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas C. Canfield sold 12,500 shares of the firm’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $19.30, for a total transaction of $241,250.00. Following the completion of the sale, the director now owns 212,498 shares of the company’s stock, valued at approximately $4,101,211.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 90,371 shares of company stock valued at $1,776,326. 5.60% of the stock is owned by insiders.

Iridium Communications Company 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.

See Also: What Is An Exchange-Traded Fund (ETF)?

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

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