Amalgamated Bank Sells 7,317 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Amalgamated Bank lowered its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 8.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,755 shares of the technology company’s stock after selling 7,317 shares during the quarter. Amalgamated Bank’s holdings in Iridium Communications were worth $3,447,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Van Berkom & Associates Inc. grew its stake in shares of Iridium Communications by 57.5% in the 3rd quarter. Van Berkom & Associates Inc. now owns 2,059,088 shares of the technology company’s stock worth $93,668,000 after acquiring an additional 751,595 shares in the last quarter. Pacer Advisors Inc. grew its position in Iridium Communications by 2,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock worth $24,857,000 after purchasing an additional 583,896 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Iridium Communications by 44.9% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after buying an additional 539,909 shares during the last quarter. ARK Investment Management LLC lifted its position in shares of Iridium Communications by 12.9% during the 4th quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock worth $89,480,000 after buying an additional 249,185 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Iridium Communications by 14.7% during the 3rd quarter. Northern Trust Corp now owns 1,583,291 shares of the technology company’s stock worth $72,024,000 after buying an additional 202,702 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 0.2 %

IRDM stock opened at $30.06 on Friday. The stock has a fifty day moving average of $27.59 and a 200-day moving average of $33.69. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $65.12. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 143.14 and a beta of 0.78. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The company had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The firm’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.08 earnings per share. As a group, equities research analysts predict that Iridium Communications Inc. will post 0.73 earnings per share for the current year.

Analysts Set New Price Targets

IRDM has been the subject of several recent analyst reports. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Monday, April 22nd. Raymond James reduced their price objective on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Barclays lifted their target price on Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. TheStreet upgraded shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Finally, William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $44.75.

About Iridium Communications

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.