Iridium Communications Inc (IRDM) Shares Sold by Public Sector Pension investment Board
Public Sector Pension investment Board trimmed its position in Iridium Communications Inc (NASDAQ:IRDM) by 25.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,510 shares of the technology company’s stock after selling 14,100 shares during the period. Public Sector Pension investment Board’s holdings in Iridium Communications were worth $459,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Thompson Davis & CO. Inc. bought a new stake in Iridium Communications in the 2nd quarter valued at about $102,000. PNC Financial Services Group Inc. increased its position in Iridium Communications by 15.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock valued at $109,000 after buying an additional 1,303 shares in the last quarter. Everence Capital Management Inc. bought a new stake in Iridium Communications in the 2nd quarter valued at about $116,000. Amalgamated Bank increased its position in Iridium Communications by 2.5% in the 2nd quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock valued at $126,000 after buying an additional 284 shares in the last quarter. Finally, Laurion Capital Management LP bought a new stake in Iridium Communications in the 2nd quarter valued at about $127,000.
A number of analysts recently commented on the company. BidaskClub lowered Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, July 31st. TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Drexel Hamilton reaffirmed a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. Finally, ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $12.50.
Shares of Iridium Communications Inc (IRDM) opened at 11.30 on Wednesday. The company has a 50-day moving average price of $10.40 and a 200-day moving average price of $10.41. Iridium Communications Inc has a 12 month low of $7.50 and a 12 month high of $11.58. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 12.09 and a beta of 1.71.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The business had revenue of $111.60 million during the quarter, compared to the consensus estimate of $109.18 million. During the same quarter last year, the firm earned $0.22 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities analysts anticipate that Iridium Communications Inc will post $0.80 EPS for the current year.
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In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the completion of the transaction, the chief operating officer now owns 309,000 shares of the company’s stock, valued at $3,247,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.40% of the stock is currently owned by company insiders.
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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