Northern Trust Corp grew its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 5.6% in the 2nd quarter, Holdings Channel reports. The firm owned 2,373,109 shares of the technology company’s stock after acquiring an additional 126,312 shares during the quarter. Northern Trust Corp’s holdings in Iridium Communications were worth $38,207,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the business. Bank of New York Mellon Corp increased its holdings in shares of Iridium Communications by 5.5% in the second quarter. Bank of New York Mellon Corp now owns 1,936,957 shares of the technology company’s stock worth $31,184,000 after buying an additional 100,238 shares during the period. Jane Street Group LLC purchased a new position in shares of Iridium Communications in the second quarter worth about $172,000. MetLife Investment Advisors LLC increased its holdings in shares of Iridium Communications by 14.9% in the second quarter. MetLife Investment Advisors LLC now owns 44,054 shares of the technology company’s stock worth $709,000 after buying an additional 5,698 shares during the period. Metropolitan Life Insurance Co. NY increased its holdings in shares of Iridium Communications by 23.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 31,111 shares of the technology company’s stock worth $501,000 after buying an additional 5,844 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Iridium Communications by 187.3% in the second quarter. Renaissance Technologies LLC now owns 1,038,600 shares of the technology company’s stock worth $16,721,000 after buying an additional 677,100 shares during the period. 86.23% of the stock is owned by hedge funds and other institutional investors.
In related news, COO S. Scott Smith sold 3,500 shares of the business’s stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $19.10, for a total transaction of $66,850.00. Following the transaction, the chief operating officer now owns 221,034 shares in the company, valued at approximately $4,221,749.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Thomas D. Hickey sold 13,455 shares of the business’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $18.86, for a total value of $253,761.30. Following the transaction, the insider now owns 125,820 shares in the company, valued at approximately $2,372,965.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 104,371 shares of company stock worth $2,065,776. 5.60% of the stock is owned by company insiders.
IRDM opened at $19.98 on Friday. The stock has a market capitalization of $2.49 billion, a PE ratio of 28.31 and a beta of 1.84. The company has a current ratio of 2.18, a quick ratio of 2.09 and a debt-to-equity ratio of 1.20. Iridium Communications Inc has a 12 month low of $9.95 and a 12 month high of $24.10.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, July 31st. The technology company reported ($0.06) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). The firm had revenue of $134.93 million for the quarter, compared to the consensus estimate of $120.54 million. Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. The company’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 earnings per share. On average, analysts predict that Iridium Communications Inc will post -0.14 earnings per share for the current year.
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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