Dimensional Fund Advisors LP increased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 17.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,331,509 shares of the technology company’s stock after buying an additional 806,061 shares during the period. Dimensional Fund Advisors LP owned 4.79% of Iridium Communications worth $119,955,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Iridium Communications by 12.6% during the third quarter. BlackRock Inc. now owns 14,029,610 shares of the technology company’s stock worth $315,666,000 after buying an additional 1,568,048 shares during the last quarter. Northern Trust Corp raised its stake in Iridium Communications by 5.6% during the second quarter. Northern Trust Corp now owns 2,373,109 shares of the technology company’s stock worth $38,207,000 after buying an additional 126,312 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Iridium Communications by 7.0% during the third quarter. Bank of New York Mellon Corp now owns 2,072,678 shares of the technology company’s stock worth $46,636,000 after buying an additional 135,721 shares during the last quarter. Royce & Associates LP raised its stake in Iridium Communications by 0.8% during the second quarter. Royce & Associates LP now owns 1,350,843 shares of the technology company’s stock worth $21,749,000 after buying an additional 11,000 shares during the last quarter. Finally, FMR LLC raised its stake in Iridium Communications by 3.9% during the third quarter. FMR LLC now owns 1,223,604 shares of the technology company’s stock worth $27,532,000 after buying an additional 45,416 shares during the last quarter. 86.05% of the stock is owned by institutional investors and hedge funds.
NASDAQ:IRDM opened at $21.67 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.53 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 30.96 and a beta of 2.05. Iridium Communications Inc has a 12 month low of $10.75 and a 12 month high of $24.35.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, October 25th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). The company had revenue of $136.76 million during the quarter, compared to analyst estimates of $128.32 million. Iridium Communications had a return on equity of 1.01% and a net margin of 26.88%. As a group, research analysts anticipate that Iridium Communications Inc will post -0.2 EPS for the current year.
A number of equities analysts recently weighed in on IRDM shares. BidaskClub downgraded shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 9th. Barclays started coverage on shares of Iridium Communications in a research note on Tuesday, October 30th. They set an “overweight” rating and a $26.00 target price for the company. Raymond James raised shares of Iridium Communications to a “strong-buy” rating in a research note on Thursday, October 11th. Zacks Investment Research downgraded shares of Iridium Communications from a “hold” rating to a “strong sell” rating in a research note on Saturday, October 27th. Finally, Northland Securities downgraded shares of Iridium Communications from a “market perform” rating to an “under perform” rating in a research note on Monday, September 10th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and three have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $21.35.
In other Iridium Communications news, CEO Matthew J. Desch sold 274,075 shares of the firm’s stock in a transaction on Monday, November 19th. The shares were sold at an average price of $21.53, for a total value of $5,900,834.75. Following the completion of the sale, the chief executive officer now directly owns 1,200,754 shares in the company, valued at $25,852,233.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO S. Scott Smith sold 3,500 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $20.06, for a total transaction of $70,210.00. Following the completion of the sale, the chief operating officer now owns 221,034 shares of the company’s stock, valued at $4,433,942.04. The disclosure for this sale can be found here. Insiders sold 319,575 shares of company stock valued at $6,848,915 over the last 90 days. Corporate insiders own 5.60% of the company’s stock.
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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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