Capital World Investors increased its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 1.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,206,088 shares of the technology company’s stock after acquiring an additional 132,088 shares during the quarter. Capital World Investors owned about 7.38% of Iridium Communications worth $79,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. bought a new stake in Iridium Communications during the 2nd quarter valued at about $102,000. PNC Financial Services Group Inc. grew its stake in shares of Iridium Communications by 15.3% in the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock worth $109,000 after acquiring an additional 1,303 shares during the period. Trexquant Investment LP purchased a new position in shares of Iridium Communications in the first quarter worth approximately $115,000. Everence Capital Management Inc. purchased a new position in shares of Iridium Communications in the second quarter worth approximately $116,000. Finally, QS Investors LLC boosted its holdings in shares of Iridium Communications by 23,091.5% in the second quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock worth $120,000 after buying an additional 10,853 shares during the last quarter.

Shares of Iridium Communications Inc (NASDAQ:IRDM) opened at 11.35 on Friday. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 12.14 and a beta of 1.71. The firm’s 50 day moving average is $10.33 and its 200 day moving average is $10.35. Iridium Communications Inc has a 52-week low of $7.50 and a 52-week high of $11.58.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. The business had revenue of $111.60 million during the quarter, compared to analysts’ expectations of $109.18 million. Iridium Communications had a return on equity of 8.68% and a net margin of 27.14%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 EPS. Equities analysts expect that Iridium Communications Inc will post $0.80 earnings per share for the current year.

WARNING: This article was first reported by Watch List News and is the property of of Watch List News. If you are viewing this article on another domain, it was copied illegally and reposted in violation of U.S. and international trademark & copyright laws. The legal version of this article can be accessed at https://www.watchlistnews.com/capital-world-investors-raises-position-in-iridium-communications-inc-irdm/1614901.html.

A number of research firms recently issued reports on IRDM. BidaskClub downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Monday, July 31st. TheStreet downgraded shares of Iridium Communications from a “b” rating to a “c+” rating in a report on Thursday, August 17th. Drexel Hamilton restated a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a research report on Thursday, August 31st. Finally, ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Iridium Communications has a consensus rating of “Buy” and an average target price of $12.50.

In other news, COO S. Scott Smith sold 135,000 shares of Iridium Communications stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total value of $1,418,850.00. Following the completion of the transaction, the chief operating officer now owns 309,000 shares in the company, valued at approximately $3,247,590. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.40% of the company’s stock.

Iridium Communications Company Profile

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.

Want to see what other hedge funds are holding IRDM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iridium Communications Inc (NASDAQ:IRDM).

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

Receive News & Ratings for Iridium Communications Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.