Pinnacle Associates Ltd. Reduces Stake in Iridium Communications Inc (IRDM)
Pinnacle Associates Ltd. reduced its position in Iridium Communications Inc (NASDAQ:IRDM) by 1.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,112,543 shares of the technology company’s stock after selling 57,010 shares during the period. Pinnacle Associates Ltd. owned approximately 3.18% of Iridium Communications worth $32,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in IRDM. Flinton Capital Management LLC boosted its stake in shares of Iridium Communications by 80.6% in the 2nd quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock worth $101,000 after buying an additional 4,060 shares during the last quarter. Thompson Davis & CO. Inc. purchased a new position in Iridium Communications during the second quarter valued at $102,000. PNC Financial Services Group Inc. lifted its position in Iridium Communications by 15.3% during the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock valued at $109,000 after purchasing an additional 1,303 shares in the last quarter. Everence Capital Management Inc. purchased a new position in Iridium Communications during the second quarter valued at $116,000. Finally, QS Investors LLC lifted its position in Iridium Communications by 23,091.5% during the second quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock valued at $120,000 after purchasing an additional 10,853 shares in the last quarter.
Iridium Communications Inc (IRDM) opened at $12.30 on Thursday. The firm has a market capitalization of $1,190.35, a price-to-earnings ratio of 13.21, a P/E/G ratio of 2.92 and a beta of 1.78. The company has a current ratio of 2.78, a quick ratio of 2.67 and a debt-to-equity ratio of 1.17. 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 earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.05. The company had revenue of $116.55 million for the quarter, compared to the consensus estimate of $113.96 million. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. Iridium Communications’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 earnings per share. equities analysts anticipate that Iridium Communications Inc will post 0.83 EPS for the current fiscal year.
Several equities analysts recently weighed in on the company. Drexel Hamilton reiterated a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Wednesday, September 27th. ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. TheStreet downgraded Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Finally, Wells Fargo & Company lifted their target price on Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a research report on Friday, October 27th. One analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $12.33.
In other Iridium Communications news, Director A B. Krongard purchased 45,750 shares of the firm’s stock in a transaction on Thursday, November 9th. The shares were acquired at an average cost of $10.89 per share, with a total value of $498,217.50. Following the completion of the acquisition, the director now directly owns 149,788 shares in the company, valued at $1,631,191.32. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 6.40% of the stock is currently owned by insiders.
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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.
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