Advisor Group Holdings Inc. decreased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 16.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,391 shares of the technology company’s stock after selling 3,492 shares during the quarter. Advisor Group Holdings Inc.’s holdings in Iridium Communications were worth $443,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of IRDM. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of Iridium Communications by 6.4% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 5,735 shares of the technology company’s stock worth $146,000 after acquiring an additional 347 shares during the last quarter. HighTower Advisors LLC lifted its position in Iridium Communications by 2.0% in the 2nd quarter. HighTower Advisors LLC now owns 19,473 shares of the technology company’s stock worth $497,000 after buying an additional 385 shares during the last quarter. Raymond James Trust N.A. lifted its position in Iridium Communications by 3.4% in the 2nd quarter. Raymond James Trust N.A. now owns 13,569 shares of the technology company’s stock worth $345,000 after buying an additional 440 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Iridium Communications by 2.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 18,448 shares of the technology company’s stock worth $411,000 after buying an additional 472 shares during the last quarter. Finally, Amalgamated Bank lifted its position in Iridium Communications by 3.0% in the 2nd quarter. Amalgamated Bank now owns 16,604 shares of the technology company’s stock worth $422,000 after buying an additional 476 shares during the last quarter. 83.23% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on IRDM. BidaskClub downgraded Iridium Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 26th. Raymond James boosted their target price on Iridium Communications from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Finally, Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 price objective for the company. in a research report on Monday, June 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $29.75.
In related news, insider Thomas D. Hickey sold 27,761 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $26.77, for a total transaction of $743,161.97. Following the completion of the transaction, the insider now owns 172,232 shares in the company, valued at $4,610,650.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Timothy Kapalka sold 3,125 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $27.92, for a total value of $87,250.00. Following the transaction, the vice president now owns 27,333 shares of the company’s stock, valued at approximately $763,137.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 462,676 shares of company stock valued at $13,123,118. 3.80% of the stock is owned by corporate insiders.
Shares of IRDM stock opened at $25.58 on Thursday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.88 and a current ratio of 2.25. Iridium Communications Inc has a fifty-two week low of $16.87 and a fifty-two week high of $32.08. The stock has a 50 day moving average price of $27.71 and a two-hundred day moving average price of $25.02. The company has a market capitalization of $3.39 billion, a P/E ratio of -19.83 and a beta of 1.43.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 28th. The technology company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.05. The company had revenue of $140.17 million during the quarter, compared to the consensus estimate of $136.76 million. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) earnings per share. As a group, equities analysts predict that Iridium Communications Inc will post -0.41 earnings per share for the current year.
About Iridium Communications
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.
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