JPMorgan Chase & Co. reduced its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 48.1% during the first quarter, Holdings Channel reports. The fund owned 151,760 shares of the technology company’s stock after selling 140,843 shares during the period. JPMorgan Chase & Co.’s holdings in Iridium Communications were worth $1,465,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Trexquant Investment LP purchased a new position in shares of Iridium Communications during the first quarter worth $115,000. Suntrust Banks Inc. boosted its position in shares of Iridium Communications by 2.8% in the first quarter. Suntrust Banks Inc. now owns 13,044 shares of the technology company’s stock worth $125,000 after buying an additional 357 shares during the last quarter. Sei Investments Co. boosted its position in shares of Iridium Communications by 16.3% in the first quarter. Sei Investments Co. now owns 17,826 shares of the technology company’s stock worth $172,000 after buying an additional 2,503 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Iridium Communications during the fourth quarter worth $181,000. Finally, Mason Street Advisors LLC boosted its position in shares of Iridium Communications by 7.2% in the first quarter. Mason Street Advisors LLC now owns 18,837 shares of the technology company’s stock worth $182,000 after buying an additional 1,258 shares during the last quarter.
Iridium Communications Inc (NASDAQ IRDM) opened at 10.95 on Friday. The firm has a market cap of $1.07 billion, a PE ratio of 11.43 and a beta of 1.71. The firm’s 50 day moving average price is $10.90 and its 200-day moving average price is $10.08. Iridium Communications Inc has a 52 week low of $6.80 and a 52 week high of $11.57.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, April 27th. The technology company reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.09. The firm had revenue of $104.40 million during the quarter, compared to analysts’ expectations of $105.25 million. Iridium Communications had a net margin of 27.76% and a return on equity of 9.04%. Iridium Communications’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 earnings per share. On average, analysts forecast that Iridium Communications Inc will post $0.87 EPS for the current year.
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A number of research analysts recently weighed in on the company. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. TheStreet upgraded Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, March 31st. Finally, Zacks Investment Research cut Iridium Communications from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Iridium Communications presently has a consensus rating of “Buy” and a consensus target price of $12.00.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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