HighTower Advisors LLC boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 12.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,000 shares of the technology company’s stock after buying an additional 3,000 shares during the period. HighTower Advisors LLC’s holdings in Iridium Communications were worth $261,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in shares of Iridium Communications by 67,429.0% in the first quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock valued at $122,024,000 after buying an additional 12,626,087 shares during the period. Gamco Investors INC. ET AL increased its position in shares of Iridium Communications by 837.8% in the first quarter. Gamco Investors INC. ET AL now owns 662,951 shares of the technology company’s stock valued at $6,397,000 after buying an additional 592,258 shares during the period. Pinnacle Associates Ltd. increased its position in shares of Iridium Communications by 22.5% in the first quarter. Pinnacle Associates Ltd. now owns 2,713,968 shares of the technology company’s stock valued at $26,190,000 after buying an additional 498,165 shares during the period. Vanguard Group Inc. increased its position in shares of Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after buying an additional 457,168 shares during the period. Finally, James Investment Research Inc. purchased a new position in shares of Iridium Communications during the first quarter valued at approximately $2,859,000.
Iridium Communications Inc (NASDAQ:IRDM) opened at 10.15 on Wednesday. The company has a 50-day moving average of $10.77 and a 200-day moving average of $10.06. Iridium Communications Inc has a 1-year low of $6.80 and a 1-year high of $11.58. The company has a market capitalization of $991.33 million, a P/E ratio of 10.86 and a beta of 1.69.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, July 27th. The technology company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The business had revenue of $111.60 million for the quarter, compared to analysts’ expectations of $109.18 million. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 EPS. Equities analysts expect that Iridium Communications Inc will post $0.80 EPS for the current fiscal year.
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Several equities analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $12.00.
About Iridium Communications
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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