Van ECK Associates Corp increased its holding in Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 11.2% in the first quarter, according to its recent 13F filing with the Securities and Exchange Commission (SEC). The company owned 17,477 shares of the tech company after purchasing an additional 1,758 shares during the quarter. Van ECK Associates Corp’s holdings in Iridium Communications were worth $705,000 at the end of the most recent quarter.
Other hedge funds have also changed their holdings in the company. Byrne Asset Management LLC acquired a new position in Iridium Communications valued at $29,000 during the fourth quarter. CWM LLC increased its stake in Iridium Communications by 95.0% during the first quarter. CWM LLC now owns 739 shares of the $30,000 tech company after buying another 360 shares last quarter. Vienna Asset Management LLC acquired a new position in Iridium Communications valued at $169,000 during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. acquired a new position in Iridium Communications valued at $203,000 during the fourth quarter. Finally, Inspire Investing LLC acquired a new position in Iridium Communications valued at $235,000 during the first quarter. 97.98% of the shares are owned by institutional investors and hedge funds.
In other news, insider Kathleen A. Morgan sold 3,000 shares of Iridium Communications stock in a transaction on Thursday, July 28. The stock sold at an average price of $44.00 for a total value of $132,000.00. Following the closing of the sale, the insider now owns 49,399 shares of the company’s stock valued at $2,173,556. The sale was disclosed in a document filed with the SEC, which is available through the SEC’s website. In other news, insider Suzanne E. Mcbride sold 7,500 shares of Iridium Communications in one transaction on Monday, August 15. The stock sold at an average price of $46.68 for a total value of $350,100.00. Upon completion of the sale, the insider now owns 110,553 shares of the company’s stock valued at $5,160,614.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC’s website. Also on Thursday, July 28, insider Kathleen A. Morgan sold 3,000 shares of Iridium Communications in a transaction. The shares sold at an average price of $44.00 for a total value of $132,000.00. Following the closing of the sale, the insider now directly owns 49,399 shares of the company’s stock valued at approximately $2,173,556. The disclosure for this sale can be found here. Insiders sold a total of 57,301 shares of the company’s shares worth $2,590,933 last quarter. Company insiders own 2.50% of the company’s stock.
Iridium Communications stock performance
Iridium Communications stock opened at $45.36 on Thursday. The company has a gearing ratio of 1.33, a current ratio of 3.23 and a quick ratio of 2.97. The stock has a fifty-day moving average of $41.14 and a two-hundred-day moving average of $38.95. Iridium Communications Inc. has a 52-week low of $31.73 and a 52-week high of $48.95.
Iridium Communications (NASDAQ:IRDM – Get Rating) last released its quarterly earnings results on Tuesday, July 26th. The tech company reported earnings per share of $0.04 for the quarter. The company had revenue of $174.90 million for the quarter, compared to the consensus estimate of $166.46 million. Iridium Communications had a negative return on equity of 0.05% and a negative net margin of 0.09%. Iridium Communications revenue increased 16.6% compared to the year-ago quarter. In the same quarter last year, the company reported earnings per share of $0.03. As a group, analysts are forecasting that Iridium Communications Inc. will report earnings per share of 0.09 for the current fiscal year.
Changes in analyst ratings
Separately, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report Tuesday, May 24th. Five analysts have rated the stock with a buy rating and one has given the stock a strong buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $50.00.
Iridium communication profile
Iridium Communications Inc provides mobile voice and data communications services and products to businesses, United States and international governments, non-governmental organizations, and consumers worldwide. The Company provides mobile post-paid voice and data satellite communications; prepaid mobile voice satellite communications; press to speak; broadband data; and Internet of Things (IoT) services.
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