SG Americas Securities LLC lowered its position in Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 70.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 13,773 shares of the technology company's stock after selling 33,037 shares during the period. SG Americas Securities LLC's holdings in Iridium Communications were worth $555,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in IRDM. Renaissance Technologies LLC increased its position in shares of Iridium Communications by 206.5% in the fourth quarter. Renaissance Technologies LLC now owns 250,699 shares of the technology company's stock valued at $10,351,000 after buying an additional 168,900 shares in the last quarter. Select Equity Group L.P. boosted its stake in shares of Iridium Communications by 12.5% during the fourth quarter. Select Equity Group L.P. now owns 1,208,248 shares of the technology company's stock valued at $49,889,000 after acquiring an additional 134,545 shares during the last quarter. Van Berkom & Associates Inc. boosted its stake in shares of Iridium Communications by 6.1% during the fourth quarter. Van Berkom & Associates Inc. now owns 2,139,365 shares of the technology company's stock valued at $88,334,000 after acquiring an additional 122,314 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Iridium Communications by 52.0% during the fourth quarter. Bank of America Corp DE now owns 355,415 shares of the technology company's stock valued at $14,675,000 after acquiring an additional 121,637 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Iridium Communications by 33.9% during the fourth quarter. American Century Companies Inc. now owns 344,162 shares of the technology company's stock valued at $14,211,000 after acquiring an additional 87,143 shares during the last quarter. Hedge funds and other institutional investors own 97.98% of the company's stock.
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Wall Street Analysts Forecast Growth
Separately, StockNews.com raised Iridium Communications from a "hold" rating to a "buy" rating in a research note on Tuesday, May 24th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $50.00.
Iridium Communications Stock Up 0.7 %
Shares of NASDAQ:IRDM opened at $45.79 on Friday. The stock's 50-day moving average price is $38.75 and its two-hundred day moving average price is $37.91. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.23 and a quick ratio of 2.97. Iridium Communications Inc. has a 12-month low of $31.73 and a 12-month high of $48.95.
Iridium Communications (NASDAQ:IRDM – Get Rating) last issued its quarterly earnings results on Tuesday, July 26th. The technology company reported $0.04 earnings per share (EPS) for the quarter. Iridium Communications had a negative return on equity of 0.05% and a negative net margin of 0.09%. The firm had revenue of $174.90 million for the quarter, compared to analyst estimates of $166.46 million. During the same period last year, the company earned $0.03 EPS. The firm's quarterly revenue was up 16.6% on a year-over-year basis. As a group, equities analysts expect that Iridium Communications Inc. will post 0.09 EPS for the current fiscal year.
Iridium Communications declared that its board has approved a share repurchase program on Tuesday, April 19th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.
Insiders Place Their Bets
In other Iridium Communications news, Director Barry West sold 3,002 shares of the firm's stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $44.03, for a total value of $132,178.06. Following the sale, the director now directly owns 44,423 shares of the company's stock, valued at approximately $1,955,944.69. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Barry West sold 3,002 shares of the firm's stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $44.03, for a total value of $132,178.06. Following the transaction, the director now directly owns 44,423 shares in the company, valued at approximately $1,955,944.69. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert H. Niehaus sold 30,000 shares of the firm's stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $45.19, for a total value of $1,355,700.00. Following the completion of the transaction, the director now owns 311,782 shares in the company, valued at $14,089,428.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,801 shares of company stock valued at $2,240,833. Insiders own 2.50% of the company's stock.
Iridium Communications Company Profile
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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.
Further Reading
- Get a free copy of the StockNews.com research report on Iridium Communications (IRDM)
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