Iridium Communications Inc (IRDM) Shares Sold by Gabelli Funds LLC

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Gabelli Funds LLC decreased its stake in Iridium Communications Inc (NASDAQ:IRDM) by 29.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 191,000 shares of the technology company’s stock after selling 79,060 shares during the period. Gabelli Funds LLC owned 0.17% of Iridium Communications worth $3,075,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of Iridium Communications by 15.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,525,448 shares of the technology company’s stock valued at $72,860,000 after purchasing an additional 594,513 shares during the period. Brown Advisory Inc. increased its position in shares of Iridium Communications by 1.5% during the 2nd quarter. Brown Advisory Inc. now owns 273,718 shares of the technology company’s stock valued at $4,407,000 after purchasing an additional 4,005 shares during the period. Legal & General Group Plc increased its position in shares of Iridium Communications by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 167,654 shares of the technology company’s stock valued at $2,698,000 after purchasing an additional 11,608 shares during the period. BlackRock Inc. increased its position in shares of Iridium Communications by 8.3% during the 2nd quarter. BlackRock Inc. now owns 12,461,562 shares of the technology company’s stock valued at $200,630,000 after purchasing an additional 949,870 shares during the period. Finally, Royce & Associates LP increased its position in shares of Iridium Communications by 0.8% during the 2nd quarter. Royce & Associates LP now owns 1,350,843 shares of the technology company’s stock valued at $21,749,000 after purchasing an additional 11,000 shares during the period. 86.24% of the stock is currently owned by institutional investors and hedge funds.

Shares of IRDM stock opened at $21.45 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 2.09 and a current ratio of 2.18. The firm has a market cap of $2.33 billion, a PE ratio of 52.63 and a beta of 1.84. Iridium Communications Inc has a 1 year low of $9.68 and a 1 year high of $21.55.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.06). The business had revenue of $134.93 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 EPS. research analysts expect that Iridium Communications Inc will post -0.14 earnings per share for the current year.

Several brokerages have recently issued reports on IRDM. Sidoti reiterated a “neutral” rating on shares of Iridium Communications in a research report on Monday, August 27th. BidaskClub upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 9th. Zacks Investment Research cut Iridium Communications from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 4th. Northland Securities reiterated a “hold” rating and set a $14.75 price target on shares of Iridium Communications in a research report on Wednesday, August 1st. Finally, ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. Four analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $17.44.

In related 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 transaction, the director now directly owns 212,498 shares in the company, valued at approximately $4,101,211.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas D. Hickey sold 13,455 shares of Iridium Communications stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $18.86, for a total value of $253,761.30. Following the completion of the transaction, the insider now owns 125,820 shares in the company, valued at $2,372,965.20. The disclosure for this sale can be found here. Insiders sold a total of 83,371 shares of company stock worth $1,635,766 over the last 90 days. Insiders own 5.60% of the company’s stock.

Iridium Communications Company 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.

Further Reading: Fundamental Analysis and Individual Investors

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

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