Iridium Communications Inc (IRDM) Position Maintained by CIBC Asset Management Inc

CIBC Asset Management Inc continued to hold its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 10,893 shares of the technology company’s stock at the end of the second quarter. CIBC Asset Management Inc’s holdings in Iridium Communications were worth $120,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Gamco Investors INC. ET AL boosted its stake 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 during the last quarter. Teton Advisors Inc. boosted its stake in shares of Iridium Communications by 66.7% in the first quarter. Teton Advisors Inc. now owns 20,000 shares of the technology company’s stock worth $193,000 after buying an additional 8,000 shares during the last quarter. Comerica Bank boosted its stake in shares of Iridium Communications by 4.2% in the first quarter. Comerica Bank now owns 89,250 shares of the technology company’s stock worth $942,000 after buying an additional 3,587 shares during the last quarter. Cue Financial Group Inc. boosted its stake in shares of Iridium Communications by 2.7% in the first quarter. Cue Financial Group Inc. now owns 19,000 shares of the technology company’s stock worth $183,000 after buying an additional 500 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its stake in shares of Iridium Communications by 2.8% in the first quarter. Suntrust Banks Inc. now owns 13,044 shares of the technology company’s stock worth $125,000 after buying an additional 357 shares during the last quarter.

Shares of Iridium Communications Inc (IRDM) opened at 10.05 on Tuesday. The company has a market capitalization of $981.56 million, a PE ratio of 10.75 and a beta of 1.69. Iridium Communications Inc has a one year low of $6.80 and a one year high of $11.57. The stock has a 50 day moving average of $10.50 and a 200-day moving average of $10.06.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The company had revenue of $111.60 million for the quarter, compared to analyst estimates of $109.18 million. During the same period last year, the firm earned $0.22 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. On average, equities analysts forecast that Iridium Communications Inc will post $0.80 earnings per share for the current fiscal year.

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A number of equities research analysts have recently issued reports on the stock. BidaskClub raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Zacks Investment Research cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Monday, May 1st. Finally, TheStreet cut shares of Iridium Communications from a “b” rating to a “c+” rating in a report on Thursday, August 17th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $12.00.

About Iridium Communications

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.

Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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