Los Angeles Capital Management LLC bought a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 17,139 shares of the technology company's stock, valued at approximately $691,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Byrne Asset Management LLC acquired a new stake in shares of Iridium Communications during the fourth quarter worth about $29,000. CWM LLC increased its holdings in shares of Iridium Communications by 95.0% during the 1st quarter. CWM LLC now owns 739 shares of the technology company's stock valued at $30,000 after purchasing an additional 360 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Iridium Communications by 82.9% in the 4th quarter. Fifth Third Bancorp now owns 1,101 shares of the technology company's stock valued at $45,000 after purchasing an additional 499 shares during the period. Vienna Asset Management LLC purchased a new stake in Iridium Communications during the fourth quarter worth $169,000. Finally, Comprehensive Financial Consultants Institutional Inc. acquired a new stake in Iridium Communications during the fourth quarter valued at $203,000. Institutional investors and hedge funds own 97.98% of the company's stock.
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Shares of NASDAQ IRDM opened at $46.05 on Friday. The company's 50-day simple moving average is $39.65 and its 200-day simple moving average is $38.34. Iridium Communications Inc. has a 52-week low of $31.73 and a 52-week high of $48.95. The company has a current ratio of 3.23, a quick ratio of 2.97 and a debt-to-equity ratio of 1.33.
Iridium Communications (NASDAQ:IRDM – Get Rating) last posted its quarterly earnings results on Tuesday, July 26th. The technology company reported $0.04 earnings per share for the quarter. The firm had revenue of $174.90 million for the quarter, compared to the consensus estimate of $166.46 million. Iridium Communications had a negative net margin of 0.09% and a negative return on equity of 0.05%. The company's revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the firm posted $0.03 earnings per share. Sell-side analysts predict that Iridium Communications Inc. will post 0.09 EPS for the current year.Iridium Communications declared that its Board of Directors has approved a share repurchase program on Tuesday, April 19th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 6.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.
Insider Transactions at Iridium Communications
In other news, Director Robert H. Niehaus sold 30,000 shares of the firm's stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $45.19, for a total value of $1,355,700.00. Following the transaction, the director now directly owns 311,782 shares of the company's stock, valued at $14,089,428.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Iridium Communications news, insider Kathleen A. Morgan sold 3,000 shares of Iridium Communications stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $44.00, for a total transaction of $132,000.00. Following the transaction, the insider now directly owns 49,399 shares of the company's stock, valued at $2,173,556. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert H. Niehaus sold 30,000 shares of Iridium Communications stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $45.19, for a total transaction of $1,355,700.00. Following the transaction, the director now directly owns 311,782 shares in the company, valued at $14,089,428.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,801 shares of company stock valued at $2,240,833. Corporate insiders own 2.50% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a research report on Tuesday, May 24th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $50.00.
Iridium Communications 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.
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