Swiss National Bank boosted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 2.4% during the second quarter, Holdings Channel reports. The institutional investor owned 138,900 shares of the company’s stock after buying an additional 3,200 shares during the period. Swiss National Bank owned about 0.15% of Iridium Communications worth $1,233,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in IRDM. BlackRock Fund Advisors increased its position in Iridium Communications by 1.4% in the first quarter. BlackRock Fund Advisors now owns 7,414,864 shares of the company’s stock worth $58,355,000 after buying an additional 104,190 shares during the period. Bank of New York Mellon Corp increased its position in Iridium Communications by 4.2% in the second quarter. Bank of New York Mellon Corp now owns 1,756,135 shares of the company’s stock worth $15,594,000 after buying an additional 70,496 shares during the period. Prudential Financial Inc. increased its position in Iridium Communications by 13.0% in the first quarter. Prudential Financial Inc. now owns 1,128,161 shares of the company’s stock worth $8,879,000 after buying an additional 129,500 shares during the period. Geode Capital Management LLC increased its position in Iridium Communications by 6.8% in the first quarter. Geode Capital Management LLC now owns 572,291 shares of the company’s stock worth $4,503,000 after buying an additional 36,256 shares during the period. Finally, WealthTrust Axiom LLC increased its position in Iridium Communications by 2.2% in the second quarter. WealthTrust Axiom LLC now owns 397,365 shares of the company’s stock worth $3,528,000 after buying an additional 8,550 shares during the period. 94.46% of the stock is currently owned by institutional investors.
Shares of Iridium Communications Inc. (NASDAQ:IRDM) traded up 1.88% during mid-day trading on Friday, reaching $8.11. 1,154,304 shares of the company were exchanged. Iridium Communications Inc. has a 12 month low of $6.12 and a 12 month high of $9.37. The firm’s market capitalization is $775.53 million. The company’s 50-day moving average is $7.92 and its 200 day moving average is $8.23.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by $0.03. The business had revenue of $109.20 million for the quarter, compared to analyst estimates of $107.34 million. Iridium Communications had a net margin of 3.64% and a return on equity of 8.08%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $0.21 earnings per share. Analysts predict that Iridium Communications Inc. will post $0.86 EPS for the current year.
A number of research firms recently commented on IRDM. Zacks Investment Research downgraded shares of Iridium Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, June 29th. Macquarie reaffirmed a “positive” rating on shares of Iridium Communications in a research report on Tuesday, September 13th.
In other news, Director Barry West bought 10,000 shares of Iridium Communications stock in a transaction dated Wednesday, September 7th. The shares were acquired at an average cost of $7.25 per share, with a total value of $72,500.00. Following the completion of the transaction, the director now owns 20,856 shares in the company, valued at approximately $151,206. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew J. Desch bought 15,000 shares of Iridium Communications stock in a transaction dated Friday, September 9th. The shares were purchased at an average cost of $6.98 per share, for a total transaction of $104,700.00. Following the completion of the transaction, the chief executive officer now owns 554,040 shares of the company’s stock, valued at approximately $3,867,199.20. The disclosure for this purchase can be found here. Company insiders own 5.50% of the company’s stock.
About Iridium Communications
Iridium Communications Inc is a satellite communications company that offers mobile voice and data communications services. The Company utilizes mesh architecture to route traffic across its satellite constellation using radio frequency crosslinks between satellites. Its lines of business include land mobile, machine to machine, maritime, aviation and government.
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