State Street Corp Has $22.41 Million Position in Iridium Communications Inc (IRDM)
State Street Corp boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 2.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,028,349 shares of the technology company’s stock after purchasing an additional 41,109 shares during the period. State Street Corp owned about 2.08% of Iridium Communications worth $22,409,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. grew its holdings in Iridium Communications by 67,429.0% during 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 last quarter. Vanguard Group Inc. grew its holdings in Iridium Communications by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 10,250,671 shares of the technology company’s stock valued at $113,271,000 after purchasing an additional 250,505 shares during the last quarter. Capital World Investors grew its holdings in Iridium Communications by 1.9% during the 2nd quarter. Capital World Investors now owns 7,206,088 shares of the technology company’s stock valued at $79,627,000 after purchasing an additional 132,088 shares during the last quarter. Van Berkom & Associates Inc. grew its holdings in Iridium Communications by 5.6% during 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 last quarter. Finally, LSV Asset Management grew its holdings in Iridium Communications by 23.5% during the 2nd quarter. LSV Asset Management now owns 4,002,216 shares of the technology company’s stock valued at $44,224,000 after purchasing an additional 761,679 shares during the last quarter.
Shares of Iridium Communications Inc (NASDAQ IRDM) opened at $11.10 on Thursday. The stock has a market cap of $1,092.38, a PE ratio of 12.12, a price-to-earnings-growth ratio of 2.68 and a beta of 1.78. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.78 and a quick ratio of 2.67. Iridium Communications Inc has a 52-week low of $7.80 and a 52-week high of $12.90.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. The company had revenue of $116.55 million during the quarter, compared to analysts’ expectations of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.26 EPS. equities research analysts anticipate that Iridium Communications Inc will post 0.83 earnings per share for the current year.
IRDM has been the topic of several analyst reports. Wells Fargo & Company upped their price target on shares of Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a report on Friday, October 27th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research report on Wednesday, September 27th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Drexel Hamilton reissued a “buy” rating and issued a $14.00 price objective on shares of Iridium Communications in a research report on Thursday, August 31st. Finally, TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a research report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Iridium Communications presently has a consensus rating of “Buy” and a consensus target price of $12.33.
In other Iridium Communications news, Director A B. Krongard purchased 45,750 shares of the stock in a transaction dated Thursday, November 9th. The stock was purchased at an average price of $10.89 per share, with a total value of $498,217.50. Following the transaction, the director now owns 149,788 shares of the company’s stock, valued at $1,631,191.32. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 completion of the sale, the chief operating officer now directly owns 309,000 shares of the company’s stock, valued at approximately $3,247,590. The disclosure for this sale can be found here. 6.40% of the stock is owned by insiders.
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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