International Assets Investment Management LLC Makes New Investment in Iridium Communications Inc. (NASDAQ:IRDM)

International Assets Investment Management LLC purchased a new position in Iridium Communications Inc. (NASDAQ:IRDM) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 90,552 shares of the technology company’s stock, valued at approximately $3,727,000.

Other large investors also recently modified their holdings of the company. Commonwealth Equity Services LLC boosted its position in shares of Iridium Communications by 25.3% during the third quarter. Commonwealth Equity Services LLC now owns 8,034 shares of the technology company’s stock worth $365,000 after buying an additional 1,622 shares during the period. New York State Teachers Retirement System boosted its position in Iridium Communications by 2.8% during the third quarter. New York State Teachers Retirement System now owns 118,041 shares of the technology company’s stock valued at $5,370,000 after purchasing an additional 3,215 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Iridium Communications by 18.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,177 shares of the technology company’s stock valued at $1,009,000 after purchasing an additional 3,494 shares during the last quarter. Inspire Investing LLC boosted its position in Iridium Communications by 28.8% during the third quarter. Inspire Investing LLC now owns 7,454 shares of the technology company’s stock valued at $339,000 after purchasing an additional 1,668 shares during the last quarter. Finally, Carmel Capital Partners LLC boosted its position in Iridium Communications by 476.9% during the third quarter. Carmel Capital Partners LLC now owns 5,769 shares of the technology company’s stock valued at $262,000 after purchasing an additional 4,769 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Iridium Communications Trading Up 0.2 %

Shares of IRDM stock opened at $30.06 on Friday. The stock’s fifty day moving average price is $27.59 and its two-hundred day moving average price is $33.69. The company has a market cap of $3.65 billion, a PE ratio of 143.14 and a beta of 0.78. 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 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 released its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. During the same quarter last year, the business posted $0.08 EPS. Iridium Communications’s revenue for the quarter was down .7% on a year-over-year basis. Equities analysts predict that Iridium Communications Inc. will post 0.73 EPS for the current fiscal year.

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.