Elo Mutual Pension Insurance Co Grows Stock Position in Iridium Communications Inc $IRDM

Elo Mutual Pension Insurance Co lifted its position in Iridium Communications Inc (NASDAQ:IRDM) by 173.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,043 shares of the technology company’s stock after acquiring an additional 47,612 shares during the period. Elo Mutual Pension Insurance Co owned 0.07% of Iridium Communications worth $1,310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on IRDM. Morgan Stanley raised their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 18th. BWS Financial reaffirmed a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a report on Tuesday, February 17th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $25.40.

Iridium Communications Stock Down 2.3%

Shares of NASDAQ IRDM opened at $23.95 on Friday. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $33.34. The company has a market capitalization of $2.51 billion, a P/E ratio of 22.59, a P/E/G ratio of 1.68 and a beta of 0.60. The company has a 50 day simple moving average of $20.65 and a 200-day simple moving average of $19.50. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The company had revenue of $212.94 million during the quarter, compared to analyst estimates of $219.14 million. During the same period in the prior year, the business posted $0.32 earnings per share. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. On average, equities research analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current year.

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.