Amundi Pioneer Asset Management Inc. purchased a new position in Iridium Communications Inc (NASDAQ:IRDM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,300 shares of the technology company’s stock, valued at approximately $116,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV boosted its position in shares of Iridium Communications by 30.6% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 2,350 shares of the technology company’s stock worth $43,000 after purchasing an additional 550 shares during the period. Founders Capital Management bought a new position in shares of Iridium Communications in the fourth quarter worth approximately $92,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Iridium Communications by 13.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,237 shares of the technology company’s stock worth $115,000 after purchasing an additional 761 shares during the period. Nikko Asset Management Americas Inc. boosted its position in shares of Iridium Communications by 195.2% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 7,496 shares of the technology company’s stock worth $138,000 after purchasing an additional 4,957 shares during the period. Finally, LS Investment Advisors LLC boosted its position in shares of Iridium Communications by 264.2% in the fourth quarter. LS Investment Advisors LLC now owns 9,233 shares of the technology company’s stock worth $170,000 after purchasing an additional 6,698 shares during the period. Institutional investors and hedge funds own 85.03% of the company’s stock.
IRDM has been the subject of a number of recent analyst reports. Raymond James reiterated a “buy” rating on shares of Iridium Communications in a research report on Monday, January 14th. BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, January 16th. Northland Securities reissued a “sell” rating on shares of Iridium Communications in a report on Friday, March 1st. Finally, Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Saturday, March 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $23.20.
Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, April 23rd. The technology company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.05. The firm had revenue of $133.70 million for the quarter, compared to the consensus estimate of $128.54 million. Iridium Communications had a negative net margin of 7.98% and a negative return on equity of 2.14%. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. On average, research analysts predict that Iridium Communications Inc will post -0.66 EPS for the current fiscal year.
In related news, EVP Bryan J. Hartin sold 103,000 shares of the company’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $27.13, for a total transaction of $2,794,390.00. Following the sale, the executive vice president now owns 192,562 shares of the company’s stock, valued at $5,224,207.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Thomas Fitzpatrick sold 244,778 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $27.07, for a total transaction of $6,626,140.46. Following the sale, the chief financial officer now directly owns 574,128 shares in the company, valued at approximately $15,541,644.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 447,789 shares of company stock worth $12,025,414. 5.00% of the stock is owned by insiders.
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Iridium Communications Company Profile
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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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