BlackRock Inc. raised its stake in Iridium Communications Inc (NASDAQ:IRDM) by 8.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,461,562 shares of the technology company’s stock after buying an additional 949,870 shares during the period. BlackRock Inc. owned approximately 0.11% of Iridium Communications worth $200,630,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Wells Fargo & Company MN increased its stake in shares of Iridium Communications by 143.8% during the 1st quarter. Wells Fargo & Company MN now owns 838,345 shares of the technology company’s stock worth $9,432,000 after purchasing an additional 494,515 shares in the last quarter. EAM Investors LLC purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $3,451,000. JPMorgan Chase & Co. increased its stake in shares of Iridium Communications by 96.9% during the 1st quarter. JPMorgan Chase & Co. now owns 430,209 shares of the technology company’s stock worth $4,840,000 after purchasing an additional 211,675 shares in the last quarter. Monarch Partners Asset Management LLC purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $2,574,000. Finally, Skylands Capital LLC purchased a new position in shares of Iridium Communications during the 2nd quarter worth approximately $2,388,000. 86.23% of the stock is owned by institutional investors.

A number of brokerages have recently weighed in on IRDM. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 31st. Northland Securities reissued a “hold” rating and set a $14.75 price objective on shares of Iridium Communications in a research note on Wednesday, August 1st. BidaskClub raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 6th. Zacks Investment Research cut shares of Iridium Communications from a “strong-buy” rating to a “hold” rating in a research note on Saturday, August 4th. Finally, Sidoti reissued a “neutral” rating on shares of Iridium Communications in a research note on Monday, August 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. Iridium Communications currently has a consensus rating of “Buy” and a consensus price target of $17.44.

IRDM stock opened at $20.10 on Tuesday. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 28.71 and a beta of 1.84. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.18 and a quick ratio of 2.09. Iridium Communications Inc has a one year low of $9.80 and a one year high of $21.55.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, July 31st. The technology company reported ($0.06) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). The firm had revenue of $134.93 million during the quarter, compared to analysts’ expectations of $120.54 million. Iridium Communications had a net margin of 36.66% and a return on equity of 3.72%. Iridium Communications’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 EPS. sell-side analysts expect that Iridium Communications Inc will post -0.14 EPS for the current year.

In other Iridium Communications news, COO S. Scott Smith sold 3,500 shares of Iridium Communications stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $20.06, for a total value of $70,210.00. Following the completion of the sale, the chief operating officer now directly owns 221,034 shares of the company’s stock, valued at approximately $4,433,942.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas D. Hickey sold 13,455 shares of Iridium Communications stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $18.86, for a total transaction of $253,761.30. Following the completion of the sale, the insider now directly owns 125,820 shares of the company’s stock, valued at $2,372,965.20. The disclosure for this sale can be found here. Insiders sold a total of 90,371 shares of company stock valued at $1,776,326 over the last ninety days. 5.60% of the stock is owned by corporate insiders.

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

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