Van Berkom & Associates Inc. increased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 5.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,302,671 shares of the technology company’s stock after buying an additional 282,084 shares during the period. Iridium Communications makes up approximately 2.1% of Van Berkom & Associates Inc.’s portfolio, making the stock its 23rd largest position. Van Berkom & Associates Inc. owned approximately 5.44% of Iridium Communications worth $58,595,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Iridium Communications by 67,429.0% in the first quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock worth $122,024,000 after buying an additional 12,626,087 shares in the last quarter. Gamco Investors INC. ET AL raised its position in shares of Iridium Communications by 837.8% in the first quarter. Gamco Investors INC. ET AL now owns 662,951 shares of the technology company’s stock worth $6,397,000 after buying an additional 592,258 shares in the last quarter. Pinnacle Associates Ltd. raised its position in shares of Iridium Communications by 22.5% in the first quarter. Pinnacle Associates Ltd. now owns 2,713,968 shares of the technology company’s stock worth $26,190,000 after buying an additional 498,165 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after buying an additional 457,168 shares in the last quarter. Finally, James Investment Research Inc. bought a new position in shares of Iridium Communications during the first quarter worth about $2,859,000.
Iridium Communications Inc (IRDM) traded up 0.46% during mid-day trading on Friday, reaching $11.00. 276,424 shares of the company’s stock were exchanged. Iridium Communications Inc has a 52 week low of $6.80 and a 52 week high of $11.57. The stock has a 50-day moving average price of $10.90 and a 200-day moving average price of $10.08. The stock has a market cap of $1.07 billion, a P/E ratio of 11.48 and a beta of 1.71.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, April 27th. The technology company reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.09. The firm had revenue of $104.40 million during the quarter, compared to analyst estimates of $105.25 million. Iridium Communications had a return on equity of 9.04% and a net margin of 27.76%. The company’s revenue was up .2% on a year-over-year basis. During the same period last year, the company earned $0.23 earnings per share. On average, analysts forecast that Iridium Communications Inc will post $0.87 earnings per share for the current year.
IRDM has been the subject of a number of recent analyst reports. Zacks Investment Research lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Monday, May 1st. TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, March 31st. Finally, BidaskClub downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $12.00.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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