Janney Montgomery Scott LLC lessened its position in Iridium Communications Inc (NASDAQ:IRDM) by 25.6% in the second quarter, HoldingsChannel.com reports. The firm owned 15,733 shares of the technology company’s stock after selling 5,407 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Iridium Communications were worth $253,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Skylands Capital LLC purchased a new position in shares of Iridium Communications in the 2nd quarter valued at approximately $2,388,000. Dudley & Shanley Inc. bought a new position in Iridium Communications during the 2nd quarter valued at approximately $1,594,000. Cornerstone Wealth Management LLC bought a new position in Iridium Communications during the 2nd quarter valued at approximately $2,617,000. Bank of Montreal Can increased its position in Iridium Communications by 52.5% during the 2nd quarter. Bank of Montreal Can now owns 198,751 shares of the technology company’s stock valued at $3,201,000 after buying an additional 68,411 shares in the last quarter. Finally, Chesapeake Wealth Management bought a new position in Iridium Communications during the 1st quarter valued at approximately $342,000. Institutional investors own 85.25% of the company’s stock.
IRDM has been the subject of a number of analyst reports. BidaskClub raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 24th. Zacks Investment Research lowered Iridium Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 26th. ValuEngine lowered Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. BWS Financial initiated coverage on Iridium Communications in a research report on Wednesday, May 9th. They set a “buy” rating and a $22.00 price objective for the company. Finally, TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research report on Tuesday, May 15th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $16.75.
In other Iridium Communications news, Director Thomas C. Canfield sold 12,500 shares of Iridium Communications stock in a transaction on Monday, August 6th. The stock was sold at an average price of $19.30, for a total value of $241,250.00. Following the completion of the sale, the director now owns 212,498 shares of the company’s stock, valued at approximately $4,101,211.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Bryan J. Hartin sold 29,655 shares of Iridium Communications stock in a transaction on Monday, August 6th. The stock was sold at an average price of $19.23, for a total value of $570,265.65. Following the completion of the sale, the executive vice president now directly owns 94,168 shares of the company’s stock, valued at approximately $1,810,850.64. The disclosure for this sale can be found here. In the last three months, insiders sold 55,610 shares of company stock valued at $1,065,277. Corporate insiders own 5.60% of the company’s stock.
IRDM stock opened at $20.70 on Tuesday. Iridium Communications Inc has a twelve month low of $9.68 and a twelve month high of $20.75. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.18 and a quick ratio of 2.09. The company has a market cap of $2.25 billion, a P/E ratio of 50.88 and a beta of 1.92.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, July 31st. The technology company reported ($0.06) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.06). The business had revenue of $134.93 million during the quarter, compared to analyst estimates of $120.54 million. Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.20 EPS. equities research analysts forecast that Iridium Communications Inc will post -0.14 earnings per share for the current fiscal year.
Iridium Communications Profile
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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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