Van ECK Associates Corp Purchases 3,439 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Van ECK Associates Corp grew its position in shares of Iridium Communications Inc. (NASDAQ:IRDMGet Rating) by 11.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,760 shares of the technology company’s stock after purchasing an additional 3,439 shares during the quarter. Van ECK Associates Corp’s holdings in Iridium Communications were worth $1,498,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of IRDM. State Street Corp increased its position in shares of Iridium Communications by 13.5% during the 1st quarter. State Street Corp now owns 4,733,034 shares of the technology company’s stock valued at $190,836,000 after purchasing an additional 564,367 shares during the last quarter. Renaissance Technologies LLC grew its position in Iridium Communications by 174.7% during the 1st quarter. Renaissance Technologies LLC now owns 688,699 shares of the technology company’s stock worth $27,768,000 after acquiring an additional 438,000 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Iridium Communications by 27.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,025,586 shares of the technology company’s stock worth $76,081,000 after acquiring an additional 431,792 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Iridium Communications by 326.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 301,309 shares of the technology company’s stock worth $11,317,000 after acquiring an additional 230,735 shares during the last quarter. Finally, Brown Advisory Inc. grew its position in Iridium Communications by 36.0% during the 2nd quarter. Brown Advisory Inc. now owns 783,032 shares of the technology company’s stock worth $30,822,000 after acquiring an additional 207,256 shares during the last quarter. 83.82% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Matthew J. Desch sold 2,800 shares of the firm’s stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $59.99, for a total value of $167,972.00. Following the completion of the transaction, the chief executive officer now owns 592,291 shares in the company, valued at approximately $35,531,537.09. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Matthew J. Desch sold 2,800 shares of the firm’s stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $59.99, for a total value of $167,972.00. Following the completion of the transaction, the chief executive officer now owns 592,291 shares in the company, valued at approximately $35,531,537.09. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew J. Desch sold 8,922 shares of the firm’s stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $59.99, for a total value of $535,230.78. Following the transaction, the chief executive officer now directly owns 548,531 shares of the company’s stock, valued at approximately $32,906,374.69. The disclosure for this sale can be found here. Insiders sold a total of 104,412 shares of company stock worth $5,627,529 in the last quarter. 2.50% of the stock is owned by company insiders.

Iridium Communications Trading Up 1.1 %

NASDAQ IRDM opened at $61.64 on Friday. The stock has a market cap of $7.74 billion, a P/E ratio of 1,541.39 and a beta of 1.11. The company has a debt-to-equity ratio of 1.37, a quick ratio of 2.52 and a current ratio of 2.82. The stock has a 50 day simple moving average of $52.46 and a two-hundred day simple moving average of $47.33. Iridium Communications Inc. has a fifty-two week low of $31.73 and a fifty-two week high of $62.48.

Iridium Communications (NASDAQ:IRDMGet Rating) last released its earnings results on Thursday, October 20th. The technology company reported $0.02 EPS for the quarter, meeting analysts’ consensus estimates of $0.02. The company had revenue of $184.04 million during the quarter, compared to analysts’ expectations of $180.91 million. Iridium Communications had a return on equity of 0.30% and a net margin of 0.53%. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.02) EPS. On average, analysts forecast that Iridium Communications Inc. will post 0.08 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Wednesday, March 15th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Tuesday, March 14th.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on IRDM shares. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Monday, December 26th. Raymond James raised their price target on Iridium Communications from $51.00 to $60.00 and gave the stock a “strong-buy” rating in a research report on Friday, October 21st. Barclays lowered Iridium Communications from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $48.00 to $45.00 in a research report on Wednesday, October 19th. BWS Financial increased their price objective on Iridium Communications from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, January 9th. Finally, 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. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $57.60.

Iridium Communications Company Profile

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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.

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

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