Gamco Investors INC. ET AL lowered its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 3.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 632,000 shares of the technology company’s stock after selling 20,151 shares during the period. Gamco Investors INC. ET AL owned approximately 0.57% of Iridium Communications worth $14,220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Advisors Preferred LLC purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $127,000. Independent Advisor Alliance purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $161,000. Wedbush Securities Inc. purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $169,000. Jane Street Group LLC purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $172,000. Finally, Trexquant Investment LP purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $214,000. Institutional investors and hedge funds own 85.83% of the company’s stock.
Shares of IRDM stock opened at $20.75 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.53 and a quick ratio of 1.46. Iridium Communications Inc has a 52 week low of $10.75 and a 52 week high of $24.10. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 544.50 and a beta of 2.00.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 25th. The technology company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.06). Iridium Communications had a net margin of 26.88% and a return on equity of 1.01%. The business had revenue of $136.76 million during the quarter, compared to analysts’ expectations of $128.32 million. As a group, equities analysts forecast that Iridium Communications Inc will post -0.2 EPS for the current fiscal year.
In other Iridium Communications news, COO S. Scott Smith sold 27,761 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $20.55, for a total value of $570,488.55. Following the completion of the transaction, the chief operating officer now owns 246,362 shares of the company’s stock, valued at approximately $5,062,739.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 59,261 shares of company stock valued at $1,208,294 in the last three months. 5.60% of the stock is currently owned by corporate insiders.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of Iridium Communications from a “hold” rating to a “strong sell” rating in a research report on Saturday, October 27th. Northland Securities reaffirmed a “hold” rating and set a $14.75 price objective on shares of Iridium Communications in a research report on Wednesday, August 1st. BidaskClub cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Barclays initiated coverage on shares of Iridium Communications in a research report on Tuesday, October 30th. They set an “overweight” rating and a $26.00 price objective for the company. Finally, Raymond James raised their price target on shares of Iridium Communications from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, October 10th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. Iridium Communications currently has an average rating of “Buy” and a consensus price target of $21.35.
Iridium Communications Profile
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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