Iridium Communications Inc (IRDM) Position Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 8.9% in the third quarter, HoldingsChannel reports. The firm owned 146,208 shares of the technology company’s stock after acquiring an additional 11,989 shares during the period. JPMorgan Chase & Co.’s holdings in Iridium Communications were worth $1,469,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Flinton Capital Management LLC grew its holdings in Iridium Communications by 80.6% during the 2nd quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock valued at $101,000 after purchasing an additional 4,060 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Iridium Communications by 15.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock worth $109,000 after acquiring an additional 1,303 shares in the last quarter. QS Investors LLC grew its holdings in Iridium Communications by 23,091.5% during the 2nd quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock worth $120,000 after acquiring an additional 10,853 shares in the last quarter. Amalgamated Bank grew its holdings in Iridium Communications by 2.5% during the 2nd quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock worth $126,000 after acquiring an additional 284 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new position in Iridium Communications during the 2nd quarter worth $127,000.

Iridium Communications Inc (NASDAQ:IRDM) opened at $12.00 on Thursday. The firm has a market cap of $1,210.00, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 4.07 and a beta of 1.75. 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 fifty-two week low of $7.80 and a fifty-two week high of $12.90.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.05. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The company had revenue of $116.55 million for the quarter, compared to the consensus estimate of $113.96 million. During the same period last year, the firm posted $0.26 EPS. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. sell-side analysts predict that Iridium Communications Inc will post 0.83 earnings per share for the current year.

In other Iridium Communications news, Director A B. Krongard purchased 45,750 shares of Iridium Communications stock in a transaction dated Thursday, November 9th. The shares were bought at an average cost of $10.89 per share, for a total transaction of $498,217.50. Following the transaction, the director now owns 149,788 shares in the company, valued at approximately $1,631,191.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.40% of the company’s stock.

Several research analysts have weighed in on IRDM shares. Wells Fargo & Co raised their price objective on shares of Iridium Communications from $9.75 to $12.00 and gave the stock 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 report on Wednesday, September 27th. BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Saturday, December 16th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Finally, TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, October 27th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Iridium Communications currently has a consensus rating of “Buy” and a consensus price target of $13.00.

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

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