Lazard Asset Management LLC lifted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 7.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,905 shares of the technology company’s stock after purchasing an additional 905 shares during the quarter. Lazard Asset Management LLC’s holdings in Iridium Communications were worth $484,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Fifth Third Bancorp raised its position in shares of Iridium Communications by 107.8% during the second quarter. Fifth Third Bancorp now owns 1,172 shares of the technology company’s stock worth $44,000 after purchasing an additional 608 shares during the period. Counterpoint Mutual Funds LLC acquired a new stake in shares of Iridium Communications during the second quarter worth about $128,000. Spire Wealth Management raised its position in shares of Iridium Communications by 237.1% during the second quarter. Spire Wealth Management now owns 4,760 shares of the technology company’s stock worth $179,000 after purchasing an additional 3,348 shares during the period. Flynn Zito Capital Management LLC bought a new position in shares of Iridium Communications during the second quarter worth about $255,000. Finally, GSA Capital Partners LLP bought a new position in shares of Iridium Communications during the first quarter worth about $289,000. Institutional investors and hedge funds own 85.69% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on IRDM. Morgan Stanley increased their price objective on Iridium Communications from $50.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, October 17th. Raymond James raised their price target on Iridium Communications from $51.00 to $60.00 and gave the company a “strong-buy” rating in a research note on Friday, October 21st. Barclays downgraded Iridium Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $48.00 to $45.00 in a research note on Wednesday, October 19th. Finally, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $53.25.
Iridium Communications Stock Up 0.3 %
Iridium Communications (NASDAQ:IRDM – Get Rating) last released its quarterly earnings data on Thursday, October 20th. The technology company reported $0.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.02. Iridium Communications had a return on equity of 0.30% and a net margin of 0.53%. The company had revenue of $184.04 million during the quarter, compared to analysts’ expectations of $180.91 million. During the same period last year, the firm posted ($0.02) earnings per share. The business’s revenue was up 13.5% on a year-over-year basis. Analysts anticipate that Iridium Communications Inc. will post 0.08 EPS for the current fiscal year.
In other news, Director Parker William Rush sold 27,363 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $52.00, for a total value of $1,422,876.00. Following the completion of the sale, the director now directly owns 190,044 shares of the company’s stock, valued at $9,882,288. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Timothy Kapalka sold 2,382 shares of Iridium Communications stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $51.25, for a total transaction of $122,077.50. Following the completion of the sale, the chief accounting officer now directly owns 19,896 shares of the company’s stock, valued at approximately $1,019,670. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Parker William Rush sold 27,363 shares of Iridium Communications stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $52.00, for a total value of $1,422,876.00. Following the sale, the director now directly owns 190,044 shares of the company’s stock, valued at $9,882,288. The disclosure for this sale can be found here. Insiders sold a total of 51,448 shares of company stock valued at $2,667,224 over the last three months. Insiders own 2.50% of the company’s stock.
Iridium Communications Profile
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.
- Get a free copy of the StockNews.com research report on Iridium Communications (IRDM)
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