The Manufacturers Life Insurance Company lifted its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 2.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,750 shares of the technology company’s stock after acquiring an additional 1,418 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Iridium Communications worth $738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of IRDM. Teachers Advisors LLC grew its stake in Iridium Communications by 2.4% during the first quarter. Teachers Advisors LLC now owns 208,635 shares of the technology company’s stock worth $2,013,000 after purchasing an additional 4,872 shares during the period. Thrivent Financial For Lutherans grew its stake in Iridium Communications by 8.3% during the first quarter. Thrivent Financial For Lutherans now owns 45,410 shares of the technology company’s stock worth $438,000 after purchasing an additional 3,470 shares during the period. Vanguard Group Inc. grew its stake in Iridium Communications by 4.8% during the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after purchasing an additional 457,168 shares during the period. Geode Capital Management LLC grew its stake in Iridium Communications by 4.3% during the first quarter. Geode Capital Management LLC now owns 666,306 shares of the technology company’s stock worth $6,429,000 after purchasing an additional 27,463 shares during the period. Finally, UBS Group AG grew its stake in Iridium Communications by 13.0% during the first quarter. UBS Group AG now owns 39,633 shares of the technology company’s stock worth $382,000 after purchasing an additional 4,548 shares during the period.

In other news, Director A B. Krongard acquired 45,750 shares of Iridium Communications stock in a transaction on Thursday, November 9th. The stock was purchased at an average price of $10.89 per share, with a total value of $498,217.50. Following the completion of the purchase, the director now owns 149,788 shares of the company’s stock, valued at approximately $1,631,191.32. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $1,418,850.00. Following the completion of the sale, the chief operating officer now directly owns 309,000 shares of the company’s stock, valued at approximately $3,247,590. The disclosure for this sale can be found here. Company insiders own 6.40% of the company’s stock.

IRDM has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research note on Friday, October 27th. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Wednesday, September 27th. ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Drexel Hamilton reaffirmed a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research note on Thursday, August 31st. Finally, TheStreet raised Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $12.33.

Shares of Iridium Communications Inc (NASDAQ:IRDM) opened at $11.40 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.67 and a current ratio of 2.78. Iridium Communications Inc has a one year low of $7.80 and a one year high of $12.90. The company has a market capitalization of $1,116.87, a P/E ratio of 12.39, a P/E/G ratio of 2.74 and a beta of 1.78.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.05. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. The firm had revenue of $116.55 million during the quarter, compared to analysts’ expectations of $113.96 million. During the same quarter last year, the firm posted $0.26 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. analysts forecast that Iridium Communications Inc will post 0.83 EPS for the current fiscal year.

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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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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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