American Century Companies Inc. Acquires 238,244 Shares of Iridium Communications Inc $IRDM

American Century Companies Inc. lifted its stake in Iridium Communications Inc (NASDAQ:IRDM) by 9.0% during the third quarter, HoldingsChannel.com reports. The firm owned 2,878,902 shares of the technology company’s stock after purchasing an additional 238,244 shares during the quarter. American Century Companies Inc.’s holdings in Iridium Communications were worth $50,266,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IRDM. Quantinno Capital Management LP boosted its holdings in Iridium Communications by 3.1% in the second quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock worth $459,000 after acquiring an additional 461 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Iridium Communications by 0.7% in the 2nd quarter. Intech Investment Management LLC now owns 66,921 shares of the technology company’s stock worth $2,019,000 after purchasing an additional 473 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Iridium Communications by 36.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock worth $54,000 after purchasing an additional 812 shares in the last quarter. Hantz Financial Services Inc. grew its position in Iridium Communications by 184.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after purchasing an additional 977 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in Iridium Communications by 4.9% during the 2nd quarter. Franklin Resources Inc. now owns 23,343 shares of the technology company’s stock valued at $704,000 after purchasing an additional 1,094 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Analyst Ratings Changes

IRDM has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Tuesday, February 17th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Iridium Communications in a report on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $25.40.

Iridium Communications Trading Down 2.3%

Shares of NASDAQ:IRDM opened at $23.95 on Friday. The stock’s 50-day simple moving average is $20.65 and its two-hundred day simple moving average is $19.50. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 1.68 and a beta of 0.60. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $33.34. The company has a debt-to-equity ratio of 3.80, a quick ratio of 1.82 and a current ratio of 2.48.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The firm had revenue of $212.94 million during the quarter, compared to the consensus estimate of $219.14 million. During the same quarter in the previous year, the firm posted $0.32 EPS. The company’s revenue for the quarter was up .0% compared to the same quarter last year. Analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.