Iridium Communications Inc (IRDM) Shares Bought by Ameriprise Financial Inc.
Ameriprise Financial Inc. increased its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 433,774 shares of the technology company’s stock after acquiring an additional 6,497 shares during the period. Ameriprise Financial Inc. owned about 0.44% of Iridium Communications worth $4,794,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Thompson Davis & CO. Inc. bought a new stake in Iridium Communications during the 2nd quarter worth approximately $102,000. Everence Capital Management Inc. bought a new stake in Iridium Communications during the 2nd quarter worth approximately $116,000. Victory Capital Management Inc. bought a new position in Iridium Communications in the 1st quarter valued at $124,000. Chicago Partners Investment Group LLC bought a new position in Iridium Communications in the 2nd quarter valued at $155,000. Finally, Sei Investments Co. boosted its position in Iridium Communications by 16.3% in the 1st quarter. Sei Investments Co. now owns 17,826 shares of the technology company’s stock valued at $172,000 after buying an additional 2,503 shares during the last quarter.
In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the business’s stock in a transaction on 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 sale, 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 accessible through this link. Insiders own 6.40% of the company’s stock.
A number of research analysts have commented on IRDM shares. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Wednesday, September 27th. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Drexel Hamilton reiterated a “buy” rating and issued a $14.00 price objective on shares of Iridium Communications in a research report on Thursday, August 31st. TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Finally, ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Iridium Communications currently has an average rating of “Buy” and an average target price of $12.50.
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Iridium Communications Inc (NASDAQ IRDM) opened at 11.10 on Tuesday. The firm has a 50-day moving average price of $10.58 and a 200-day moving average price of $10.52. Iridium Communications Inc has a 12 month low of $7.50 and a 12 month high of $11.57. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 11.87 and a beta of 1.72.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, topping 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 net margin of 27.14% and a return on equity of 8.68%. The company’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 earnings per share. On average, equities analysts anticipate that Iridium Communications Inc will post $0.80 earnings per share for the current fiscal year.
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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