JPMorgan Chase & Co. increased its stake in Iridium Communications Inc. (NASDAQ: IRDM – Get Rating) by 25.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 425,372 shares of the technology company stock after acquiring an additional 86,478 shares during the period. JPMorgan Chase & Co. owned approximately 0.32% of Iridium Communications worth $ 17,563,000 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. Morgan Stanley boosted its position in shares of Iridium Communications by 8.9% during the second quarter. Morgan Stanley now owns 942,342 shares of the technology company stock valued at $ 37,685,000 after buying an additional 76,976 shares during the period. Advisor Group Holdings Inc. boosted its holdings in shares of Iridium Communications by 8.6% in the third quarter. Advisor Group Holdings Inc. now owns 11,255 shares of the technology company stock valued at $ 448,000 after purchasing an additional 889 shares during the period. Citigroup Inc. boosted its holdings in shares of Iridium Communications by 319.9% in the third quarter. Citigroup Inc. now owns 43,290 shares of the technology company stock valued at $ 1,725,000 after purchasing an additional 32,980 shares during the period. Vident Investment Advisory LLC boosted its holdings in shares of Iridium Communications by 50.1% in the third quarter. Vident Investment Advisory LLC now owns 17,544 shares of the technology company stock valued at $ 699,000 after purchasing an additional 5,859 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Iridium Communications by 4.2% in the third quarter. Geode Capital Management LLC now owns 2,261,090 shares of the technology company stock valued at $ 90,104,000 after purchasing an additional 91,094 shares during the period. Institutional investors own 97.98% of the company stock.
In other news, Director Steven B. Pfeiffer sold 3,002 shares of the business’s stock in a transaction on Tuesday, March 8th. The shares were sold at an average price of $ 39.60, for a total transaction of $ 118,879.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.50% of the stock is owned by insiders.
Shares of IRDM stock opened at $ 37.11 on Wednesday. The company has a market cap of $ 4.75 billion, a PE ratio of -3,711.00 and a beta of 1.17. The company has a current ratio of 3.67, a quick ratio of 3.38 and a debt-to-equity ratio of 1.32. Iridium Communications Inc. has a 12-month low of $ 31.73 and a 12-month high of $ 48.95. The business’s fifty day simple moving average is $ 38.04 and its 200-day simple moving average is $ 38.35.
Iridium Communications (NASDAQ: IRDM – Get Rating) last announced its quarterly earnings data on Tuesday, April 19th. The technology company reported $ 0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($ 0.01) by $ 0.03. The firm had revenue of $ 168.20 million for the quarter, compared to analyst estimates of $ 156.83 million. Iridium Communications had a negative net margin of 0.21% and a negative return on equity of 0.10%. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($ 0.04) earnings per share. On average, equities analysts forecast that Iridium Communications Inc. will post 0.07 earnings per share for the current year.
Iridium Communications announced that its board has approved a stock repurchase plan on Monday, March 7th that allows the company to repurchase $ 300.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company board believes its shares are undervalued.
A number of brokerages recently issued reports on IRDM. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $ 48.00 price target for the company in a report on Thursday, April 21st. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, May 24th. Morgan Stanley reduced their price target on shares of Iridium Communications from $ 50.00 to $ 48.00 and set an “overweight” rating for the company in a research note on Friday, February 11th. Raymond James raised shares of Iridium Communications from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $ 47.00 to $ 51.00 in a research note on Friday, February 18th. Finally, Barclays raised Iridium Communications from an “equal weight” rating to an “overweight” rating and set a $ 47.00 price target on the stock in a research report on Monday, February 21st. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $ 49.67.
About Iridium Communications: (Get Rating)
Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.
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