BNP Paribas Arbitrage SA grew its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 122.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,449 shares of the technology company’s stock after buying an additional 31,663 shares during the quarter. BNP Paribas Arbitrage SA owned 0.06% of Iridium Communications worth $592,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Amalgamated Bank boosted its holdings in Iridium Communications by 2.5% during the second quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock worth $126,000 after purchasing an additional 284 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Iridium Communications by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 33,300 shares of the technology company’s stock valued at $368,000 after purchasing an additional 500 shares during the period. Arizona State Retirement System raised its position in shares of Iridium Communications by 1.7% in the second quarter. Arizona State Retirement System now owns 42,634 shares of the technology company’s stock valued at $471,000 after purchasing an additional 700 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Iridium Communications by 15.3% in the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock valued at $109,000 after purchasing an additional 1,303 shares during the period. Finally, Rhumbline Advisers increased its holdings in Iridium Communications by 0.8% during the 2nd quarter. Rhumbline Advisers now owns 164,291 shares of the technology company’s stock worth $1,815,000 after acquiring an additional 1,320 shares during the period.
In related news, Director A B. Krongard acquired 45,750 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were purchased at an average price of $10.89 per share, for a total transaction of $498,217.50. Following the completion of the acquisition, the director now directly owns 149,788 shares in the company, valued at approximately $1,631,191.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 6.40% of the company’s stock.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.18 by $0.05. The company had revenue of $116.55 million during the quarter, compared to analyst estimates of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. Iridium Communications’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 earnings per share. sell-side analysts expect that Iridium Communications Inc will post 0.83 EPS for the current year.
A number of research firms recently weighed in on IRDM. BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Saturday. TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, October 27th. Zacks Investment Research cut shares of Iridium Communications from a “hold” rating to a “sell” rating in a research note on Saturday, October 28th. Wells Fargo & Company upped their price objective on shares of Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a research note on Friday, October 27th. Finally, ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $12.33.
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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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