Raymond James Trust N.A. held its stake in Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 13,301 shares of the technology company’s stock at the close of the second quarter. Raymond James Trust N.A.’s holdings in Iridium Communications were worth $147,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Municipal Employees Retirement System of Michigan raised its position in Iridium Communications by 1.9% during the first quarter. Municipal Employees Retirement System of Michigan now owns 18,380 shares of the technology company’s stock worth $177,000 after acquiring an additional 340 shares during the last quarter. Suntrust Banks Inc. raised its position in Iridium Communications by 2.8% during the first quarter. Suntrust Banks Inc. now owns 13,044 shares of the technology company’s stock worth $125,000 after acquiring an additional 357 shares during the last quarter. Louisiana State Employees Retirement System raised its position in Iridium Communications by 1.5% during the first quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the technology company’s stock worth $317,000 after acquiring an additional 500 shares during the last quarter. Arizona State Retirement System raised its position in Iridium Communications by 1.2% during the first quarter. Arizona State Retirement System now owns 41,934 shares of the technology company’s stock worth $405,000 after acquiring an additional 500 shares during the last quarter. Finally, Mason Street Advisors LLC raised its position in Iridium Communications by 7.2% during the first quarter. Mason Street Advisors LLC now owns 18,837 shares of the technology company’s stock worth $182,000 after acquiring an additional 1,258 shares during the last quarter.

Shares of Iridium Communications Inc (NASDAQ:IRDM) opened at 9.95 on Friday. The stock has a market capitalization of $971.80 million, a P/E ratio of 10.64 and a beta of 1.72. Iridium Communications Inc has a one year low of $7.43 and a one year high of $11.58. The stock’s 50 day moving average is $10.20 and its 200-day moving average is $10.20.

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 analysts’ consensus estimates of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The company had revenue of $111.60 million during the quarter, compared to analyst estimates of $109.18 million. During the same period in the prior year, the firm earned $0.22 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, equities research analysts expect that Iridium Communications Inc will post $0.80 EPS for the current year.

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

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A number of brokerages have issued reports on IRDM. TheStreet cut shares of Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Zacks Investment Research cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Drexel Hamilton restated a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. Finally, ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $13.00.

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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