Swiss National Bank held its stake in Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 134,400 shares of the technology company’s stock at the end of the second quarter. Swiss National Bank owned about 0.14% of Iridium Communications worth $1,485,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Municipal Employees Retirement System of Michigan increased its stake in Iridium Communications by 1.9% in the 1st 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. Arizona State Retirement System increased its stake in Iridium Communications by 1.2% in the 1st 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. Louisiana State Employees Retirement System increased its stake in Iridium Communications by 1.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 33,300 shares of the technology company’s stock worth $368,000 after acquiring an additional 500 shares during the last quarter. Mason Street Advisors LLC increased its stake in Iridium Communications by 7.2% in the 1st 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. Finally, Rhumbline Advisers increased its stake in Iridium Communications by 0.8% in the 2nd quarter. Rhumbline Advisers now owns 164,291 shares of the technology company’s stock worth $1,815,000 after acquiring an additional 1,320 shares during the last quarter.

TRADEMARK VIOLATION NOTICE: “Iridium Communications Inc (IRDM) Position Held by Swiss National Bank” was originally reported by Daily Political and is the property of of Daily Political. If you are reading this piece of content on another site, it was stolen and republished in violation of US & international trademark and copyright law. The original version of this piece of content can be viewed at https://www.dailypolitical.com/2017/10/10/iridium-communications-inc-irdm-position-held-by-swiss-national-bank.html.

Iridium Communications Inc (NASDAQ IRDM) opened at 11.35 on Tuesday. The firm has a 50-day moving average price of $10.37 and a 200-day moving average price of $10.39. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 12.14 and a beta of 1.72. Iridium Communications Inc has a 52 week low of $7.50 and a 52 week high of $11.58.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, July 27th. The technology company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The firm had revenue of $111.60 million for the quarter, compared to analysts’ expectations of $109.18 million. Iridium Communications had a return on equity of 8.68% and a net margin of 27.14%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.22 earnings per share. Analysts anticipate that Iridium Communications Inc will post $0.80 EPS for the current fiscal year.

A number of brokerages have weighed in on IRDM. Drexel Hamilton restated a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a research note on Thursday, August 31st. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Monday, July 31st. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Finally, TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research note on Thursday, August 17th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Iridium Communications currently has an average rating of “Buy” and an average target price of $12.50.

In other news, COO S. Scott Smith sold 135,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the transaction, the chief operating officer now owns 309,000 shares of the company’s stock, valued at $3,247,590. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 6.40% of the company’s stock.

Iridium Communications 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.

Want to see what other hedge funds are holding IRDM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iridium Communications Inc (NASDAQ:IRDM).

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

Receive News & Ratings for Iridium Communications Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications Inc and related companies with MarketBeat.com's FREE daily email newsletter.