Iridium Communications Inc (IRDM) Shares Bought by Louisiana State Employees Retirement System
Louisiana State Employees Retirement System raised its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 1.5% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 33,300 shares of the technology company’s stock after buying an additional 500 shares during the period. Louisiana State Employees Retirement System’s holdings in Iridium Communications were worth $368,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the stock. Trexquant Investment LP acquired a new position in Iridium Communications during the first quarter valued at about $115,000. Victory Capital Management Inc. acquired a new position in Iridium Communications during the first quarter valued at about $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 period. State of Alaska Department of Revenue boosted its position in Iridium Communications by 81.7% in the second quarter. State of Alaska Department of Revenue now owns 16,151 shares of the technology company’s stock valued at $178,000 after buying an additional 7,261 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in Iridium Communications during the second quarter valued at about $193,000.
Iridium Communications Inc (NASDAQ IRDM) traded up 0.49% during trading on Tuesday, hitting $10.30. The stock had a trading volume of 122,677 shares. Iridium Communications Inc has a 12 month low of $6.80 and a 12 month high of $11.57. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 11.02 and a beta of 1.69. The stock has a 50 day moving average price of $10.63 and a 200-day moving average price of $10.05.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. Iridium Communications had a return on equity of 8.68% and a net margin of 27.14%. The firm had revenue of $111.60 million during the quarter, compared to analyst estimates of $109.18 million. During the same period last year, the company earned $0.22 EPS. Iridium Communications’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts predict that Iridium Communications Inc will post $0.80 EPS for the current year.
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Several equities analysts have recently issued reports on the company. Zacks Investment Research cut Iridium Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target 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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