Bank of New York Mellon Corp trimmed its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 6.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,072,326 shares of the technology company’s stock after selling 140,104 shares during the quarter. Bank of New York Mellon Corp owned about 2.13% of Iridium Communications worth $22,900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in IRDM. BlackRock Inc. lifted its stake in shares of Iridium Communications by 67,429.0% in the 1st quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock valued at $122,024,000 after purchasing an additional 12,626,087 shares during the period. Vanguard Group Inc. lifted its stake in shares of Iridium Communications by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after purchasing an additional 457,168 shares during the period. Van Berkom & Associates Inc. lifted its stake in shares of Iridium Communications by 5.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 5,302,671 shares of the technology company’s stock valued at $58,595,000 after purchasing an additional 282,084 shares during the period. Elk Creek Partners LLC lifted its stake in shares of Iridium Communications by 28.4% in the 1st quarter. Elk Creek Partners LLC now owns 1,084,452 shares of the technology company’s stock valued at $10,465,000 after purchasing an additional 239,806 shares during the period. Finally, Gabelli Funds LLC lifted its stake in shares of Iridium Communications by 547.6% in the 1st quarter. Gabelli Funds LLC now owns 272,000 shares of the technology company’s stock valued at $2,625,000 after purchasing an additional 230,000 shares during the period.

In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total value of $1,418,850.00. Following the completion of the sale, the chief operating officer now directly owns 309,000 shares in the company, valued at $3,247,590. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.40% of the company’s stock.

A number of research analysts have recently issued reports on IRDM shares. ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Drexel Hamilton reaffirmed a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. Zacks Investment Research lowered 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. Finally, TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Iridium Communications has an average rating of “Buy” and a consensus target price of $13.00.

Shares of Iridium Communications Inc (IRDM) opened at 10.10 on Friday. Iridium Communications Inc has a 12 month low of $7.36 and a 12 month high of $11.58. The company has a market capitalization of $986.45 million, a price-to-earnings ratio of 10.80 and a beta of 1.72. The company has a 50-day moving average price of $10.21 and a 200-day moving average price of $10.16.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, July 27th. The technology company reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The business had revenue of $111.60 million during the quarter, compared to analyst estimates of $109.18 million. During the same period last year, the business posted $0.22 earnings per share. Iridium Communications’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts anticipate that Iridium Communications Inc will post $0.80 EPS for the current year.

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About Iridium Communications

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

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