Prudential Financial Inc. Increases Stake in Iridium Communications Inc. (IRDM)
Prudential Financial Inc. boosted its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 13.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,280,441 shares of the company’s stock after buying an additional 152,280 shares during the period. Prudential Financial Inc. owned about 1.34% of Iridium Communications worth $11,370,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas increased its position in Iridium Communications by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 11,251 shares of the company’s stock valued at $100,000 after buying an additional 1,370 shares during the period. Suntrust Banks Inc. increased its position in Iridium Communications by 5.8% in the second quarter. Suntrust Banks Inc. now owns 13,126 shares of the company’s stock valued at $116,000 after buying an additional 716 shares during the period. Royal Bank of Canada increased its position in Iridium Communications by 107.6% in the first quarter. Royal Bank of Canada now owns 16,584 shares of the company’s stock valued at $131,000 after buying an additional 8,597 shares during the period. Cue Financial Group Inc. increased its position in Iridium Communications by 21.4% in the second quarter. Cue Financial Group Inc. now owns 17,000 shares of the company’s stock valued at $151,000 after buying an additional 3,000 shares during the period. Finally, Raymond James Trust N.A. increased its position in Iridium Communications by 39.8% in the second quarter. Raymond James Trust N.A. now owns 17,562 shares of the company’s stock valued at $156,000 after buying an additional 5,000 shares during the period. 94.46% of the stock is owned by institutional investors and hedge funds.
Shares of Iridium Communications Inc. (NASDAQ:IRDM) traded down 0.62% on Tuesday, reaching $8.05. 40,231 shares of the company traded hands. The company’s market capitalization is $769.80 million. Iridium Communications Inc. has a 52-week low of $6.14 and a 52-week high of $9.37. The firm has a 50-day moving average of $7.91 and a 200-day moving average of $8.25.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by $0.03. Iridium Communications had a return on equity of 8.08% and a net margin of 3.64%. The business earned $109.20 million during the quarter, compared to the consensus estimate of $107.34 million. During the same period in the previous year, the company posted $0.21 EPS. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Iridium Communications Inc. will post $0.86 earnings per share for the current fiscal year.
Several research analysts recently weighed in on IRDM shares. Zacks Investment Research downgraded shares of Iridium Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, September 13th. Macquarie reissued a “positive” rating on shares of Iridium Communications in a research note on Tuesday, September 13th.
In other Iridium Communications news, CEO Matthew J. Desch purchased 15,000 shares of the firm’s stock in a transaction dated Friday, September 9th. The stock was bought at an average price of $6.98 per share, with a total value of $104,700.00. Following the completion of the purchase, the chief executive officer now owns 554,040 shares in the company, valued at approximately $3,867,199.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Barry West purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The stock was acquired at an average cost of $7.25 per share, with a total value of $72,500.00. Following the purchase, the director now owns 20,856 shares of the company’s stock, valued at approximately $151,206. The disclosure for this purchase can be found here. 5.50% of the stock is owned by insiders.
About Iridium Communications
Iridium Communications Inc is a satellite communications company that offers mobile voice and data communications services. The Company utilizes mesh architecture to route traffic across its satellite constellation using radio frequency crosslinks between satellites. Its lines of business include land mobile, machine to machine, maritime, aviation and government.
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