UBS Group AG raised its stake in Iridium Communications Inc (NASDAQ:IRDM) by 13.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 39,633 shares of the technology company’s stock after buying an additional 4,548 shares during the period. UBS Group AG’s holdings in Iridium Communications were worth $382,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the company. Trexquant Investment LP acquired a new position in Iridium Communications during the first quarter valued at approximately $115,000. Victory Capital Management Inc. acquired a new position in Iridium Communications during the first quarter valued at approximately $124,000. Suntrust Banks Inc. boosted its position in Iridium Communications by 2.8% in the first quarter. Suntrust Banks Inc. now owns 13,044 shares of the technology company’s stock valued at $125,000 after buying an additional 357 shares during the last quarter. Sei Investments Co. boosted its position in Iridium Communications by 16.3% in the first quarter. Sei Investments Co. now owns 17,826 shares of the technology company’s stock valued at $172,000 after buying an additional 2,503 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its position in Iridium Communications by 1.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 18,380 shares of the technology company’s stock valued at $177,000 after buying an additional 340 shares during the last quarter.
Iridium Communications Inc (NASDAQ IRDM) opened at 10.05 on Friday. The stock has a 50 day moving average price of $10.52 and a 200-day moving average price of $10.05. Iridium Communications Inc has a 12-month low of $6.80 and a 12-month high of $11.58. The stock has a market capitalization of $981.56 million, a PE ratio of 10.75 and a beta of 1.69.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The business had revenue of $111.60 million during the quarter, compared to the consensus estimate of $109.18 million. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.22 earnings per share. On average, equities analysts anticipate that Iridium Communications Inc will post $0.80 earnings per share for the current fiscal year.
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Several equities analysts recently commented on the company. TheStreet cut Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday. Zacks Investment Research cut Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. 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 has an average rating of “Buy” and a consensus 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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