Bank of New York Mellon Corp Has $60.51 Million Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Bank of New York Mellon Corp increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,363,869 shares of the technology company’s stock after buying an additional 24,209 shares during the quarter. Bank of New York Mellon Corp owned about 1.09% of Iridium Communications worth $60,514,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in IRDM. WINTON GROUP Ltd acquired a new stake in Iridium Communications in the 3rd quarter valued at $324,000. Franklin Resources Inc. bought a new position in shares of Iridium Communications in the second quarter valued at $812,000. Jennison Associates LLC acquired a new position in shares of Iridium Communications during the third quarter valued at about $592,000. California Public Employees Retirement System increased its position in shares of Iridium Communications by 20.8% during the third quarter. California Public Employees Retirement System now owns 296,908 shares of the technology company’s stock worth $13,174,000 after acquiring an additional 51,130 shares in the last quarter. Finally, Duality Advisers LP raised its holdings in shares of Iridium Communications by 203.2% in the 2nd quarter. Duality Advisers LP now owns 34,340 shares of the technology company’s stock worth $1,290,000 after acquiring an additional 23,014 shares during the last quarter. Institutional investors own 83.82% of the company’s stock.

Iridium Communications Trading Up 0.2 %

Shares of IRDM stock opened at $59.39 on Friday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.88 and a current ratio of 2.16. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of 848.55 and a beta of 1.11. Iridium Communications Inc. has a 52-week low of $32.88 and a 52-week high of $65.41. The company has a 50-day simple moving average of $59.44 and a two-hundred day simple moving average of $52.27.

Iridium Communications (NASDAQ:IRDM – Get Rating) last released its earnings results on Thursday, February 16th. The technology company reported ($0.01) earnings per share (EPS) for the quarter. The business had revenue of $193.80 million during the quarter, compared to the consensus estimate of $172.52 million. Iridium Communications had a net margin of 1.21% and a return on equity of 0.75%. The business’s revenue was up 24.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.04) earnings per share. Research analysts anticipate that Iridium Communications Inc. will post 0.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on IRDM shares. StockNews.com downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research note on Friday, February 17th. Raymond James lifted their target price on Iridium Communications from $60.00 to $71.00 and gave the company a “strong-buy” rating in a research report on Friday, February 17th. Finally, BWS Financial increased their price target on Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, January 9th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.75.

Insider Buying and Selling at Iridium Communications

In other news, CEO Matthew J. Desch sold 22,433 shares of Iridium Communications stock in a transaction on Thursday, January 5th. The stock was sold at an average price of $54.30, for a total transaction of $1,218,111.90. Following the sale, the chief executive officer now directly owns 604,299 shares in the company, valued at approximately $32,813,435.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Matthew J. Desch sold 22,433 shares of the firm’s stock in a transaction that occurred on Thursday, January 5th. The shares were sold at an average price of $54.30, for a total transaction of $1,218,111.90. Following the completion of the sale, the chief executive officer now owns 604,299 shares in the company, valued at approximately $32,813,435.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Suzanne E. Mcbride sold 4,669 shares of Iridium Communications stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $60.65, for a total transaction of $283,174.85. Following the completion of the sale, the insider now directly owns 135,091 shares in the company, valued at approximately $8,193,269.15. The disclosure for this sale can be found here. Insiders sold 186,877 shares of company stock worth $11,302,704 in the last quarter. 2.50% of the stock is currently owned by company insiders.

Iridium Communications Profile

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.