361 Capital LLC purchased a new position in Iridium Communications Inc (NASDAQ:IRDM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 33,084 shares of the technology company’s stock, valued at approximately $366,000.
Several other large investors have also bought and sold shares of IRDM. BB&T Securities LLC lifted its position in Iridium Communications by 9.1% in the second quarter. BB&T Securities LLC now owns 92,783 shares of the technology company’s stock valued at $1,025,000 after acquiring an additional 7,773 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Iridium Communications by 16.8% in the second quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock valued at $35,024,000 after acquiring an additional 455,585 shares during the last quarter. Vanguard Group Inc. lifted its position in Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after acquiring an additional 457,168 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in Iridium Communications by 49.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 27,560 shares of the technology company’s stock valued at $305,000 after acquiring an additional 9,180 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in Iridium Communications in the first quarter valued at $443,000.
In related news, COO S. Scott Smith sold 135,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 309,000 shares in the company, valued at $3,247,590. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 6.40% of the company’s stock.
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Shares of Iridium Communications Inc (NASDAQ:IRDM) traded down 0.44% during trading on Thursday, hitting $11.35. 31,648 shares of the company traded hands. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 12.14 and a beta of 1.71. Iridium Communications Inc has a one year low of $7.50 and a one year high of $11.57. The firm has a 50 day moving average price of $10.44 and a 200-day moving average price of $10.41.
Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.01. The business had revenue of $111.60 million for the quarter, compared to the consensus estimate of $109.18 million. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $0.22 earnings per share. Analysts predict that Iridium Communications Inc will post $0.80 EPS for the current year.
A number of brokerages have recently commented on IRDM. Drexel Hamilton reaffirmed a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a report on Thursday, August 31st. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Monday, July 31st. BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Finally, TheStreet lowered shares of Iridium Communications from a “b” rating to a “c+” rating in a research note on Thursday, August 17th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $12.50.
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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