American Century Companies Inc. Acquires 238,244 Shares of Iridium Communications Inc $IRDM

American Century Companies Inc. boosted its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 9.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,878,902 shares of the technology company’s stock after purchasing an additional 238,244 shares during the period. American Century Companies Inc. owned approximately 2.75% of Iridium Communications worth $50,266,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in shares of Iridium Communications by 33.0% in the first quarter. Royal Bank of Canada now owns 48,325 shares of the technology company’s stock worth $1,320,000 after buying an additional 11,985 shares during the period. Amundi grew its position in Iridium Communications by 1,243.0% during the 1st quarter. Amundi now owns 40,479 shares of the technology company’s stock worth $1,035,000 after acquiring an additional 37,465 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Iridium Communications by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company’s stock worth $6,345,000 after purchasing an additional 33,191 shares during the period. United Services Automobile Association purchased a new position in Iridium Communications in the 1st quarter worth approximately $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Iridium Communications by 16.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company’s stock valued at $14,741,000 after purchasing an additional 75,060 shares during the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Down 2.3%

IRDM stock opened at $23.95 on Friday. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $33.34. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 1.68 and a beta of 0.60. The business’s 50 day moving average price is $20.65 and its two-hundred day moving average price is $19.50. The company has a debt-to-equity ratio of 3.80, a quick ratio of 1.82 and a current ratio of 2.48.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $212.94 million for the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The firm’s revenue was up .0% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 earnings per share. As a group, analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IRDM. BWS Financial restated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a report on Tuesday, February 17th. Weiss Ratings reissued a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Finally, Morgan Stanley raised their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 18th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.40.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.