Iridium Communications Inc (IRDM) Stake Boosted by Geode Capital Management LLC
Geode Capital Management LLC raised its position in Iridium Communications Inc (NASDAQ:IRDM) by 4.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 666,306 shares of the technology company’s stock after buying an additional 27,463 shares during the period. Geode Capital Management LLC owned about 0.68% of Iridium Communications worth $6,429,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after buying an additional 457,168 shares during the period. Thrivent Financial For Lutherans increased its position in shares of Iridium Communications by 8.3% in the first quarter. Thrivent Financial For Lutherans now owns 45,410 shares of the technology company’s stock worth $438,000 after buying an additional 3,470 shares during the period. South Dakota Investment Council acquired a new position in shares of Iridium Communications during the first quarter worth $1,430,000. Elk Creek Partners LLC increased its position in shares of Iridium Communications by 28.4% in the first quarter. Elk Creek Partners LLC now owns 1,084,452 shares of the technology company’s stock worth $10,465,000 after buying an additional 239,806 shares during the period. Finally, Royce & Associates LP increased its position in shares of Iridium Communications by 9.6% in the first quarter. Royce & Associates LP now owns 726,913 shares of the technology company’s stock worth $7,015,000 after buying an additional 63,932 shares during the period.
Shares of Iridium Communications Inc (IRDM) traded down 0.49% during trading on Tuesday, reaching $10.15. The company’s stock had a trading volume of 37,785 shares. Iridium Communications Inc has a 12 month low of $6.80 and a 12 month high of $11.57. The firm has a market cap of $991.33 million, a PE ratio of 10.86 and a beta of 1.69. The stock’s 50 day moving average price is $10.87 and its 200-day moving average price is $10.06.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The firm had revenue of $111.60 million during the quarter, compared to analyst estimates of $109.18 million. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $0.22 EPS. Equities analysts predict that Iridium Communications Inc will post $0.80 EPS for the current year.
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A number of equities analysts have weighed in on the company. Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Iridium Communications currently has an average rating of “Buy” and an average price target of $12.00.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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