Morgan Stanley reduced its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 19.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 894,022 shares of the technology company’s stock after selling 217,686 shares during the period. Morgan Stanley owned approximately 0.68% of Iridium Communications worth $19,964,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of IRDM. Chevy Chase Trust Holdings Inc. acquired a new stake in Iridium Communications in the 4th quarter valued at about $31,000. Mutual of America Capital Management LLC raised its holdings in shares of Iridium Communications by 22.7% in the 1st quarter. Mutual of America Capital Management LLC now owns 4,195 shares of the technology company’s stock worth $94,000 after purchasing an additional 776 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Iridium Communications by 80.5% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,645 shares of the technology company’s stock worth $104,000 after purchasing an additional 2,072 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in Iridium Communications by 16.6% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 5,388 shares of the technology company’s stock valued at $120,000 after purchasing an additional 766 shares during the last quarter. Finally, Van ECK Associates Corp bought a new stake in Iridium Communications during the fourth quarter worth approximately $137,000. Hedge funds and other institutional investors own 81.82% of the company’s stock.
In other news, VP Timothy Kapalka sold 9,375 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $26.39, for a total transaction of $247,406.25. Following the completion of the sale, the vice president now directly owns 34,736 shares of the company’s stock, valued at approximately $916,683.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert H. Niehaus sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $25.66, for a total value of $641,500.00. The disclosure for this sale can be found here. Corporate insiders own 3.80% of the company’s stock.
A number of equities research analysts have recently commented on the company. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Raymond James reduced their target price on Iridium Communications from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Wednesday, April 29th. Sidoti upgraded Iridium Communications to a “buy” rating in a research report on Tuesday, March 17th. ValuEngine upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, March 3rd. Finally, Barclays reduced their price objective on shares of Iridium Communications from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $29.80.
Shares of IRDM stock opened at $25.44 on Wednesday. Iridium Communications Inc has a 1-year low of $16.87 and a 1-year high of $32.08. The company has a current ratio of 2.02, a quick ratio of 1.60 and a debt-to-equity ratio of 1.14. The stock’s fifty day simple moving average is $23.97 and its 200-day simple moving average is $24.68.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, April 28th. The technology company reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.11). The business had revenue of $145.30 million for the quarter, compared to analyst estimates of $141.54 million. Iridium Communications had a negative return on equity of 4.24% and a negative net margin of 30.71%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.18) earnings per share. Equities analysts predict that Iridium Communications Inc will post -0.49 earnings per share for the current 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.
Featured Article: Guidelines for Successful Channel Trading
Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.