Iridium Communications Inc $IRDM Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in Iridium Communications Inc (NASDAQ:IRDM) by 11.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,140,958 shares of the technology company’s stock after selling 146,797 shares during the quarter. Bank of New York Mellon Corp’s holdings in Iridium Communications were worth $34,423,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of IRDM. AdvisorShares Investments LLC increased its stake in Iridium Communications by 5.9% in the 2nd quarter. AdvisorShares Investments LLC now owns 15,460 shares of the technology company’s stock valued at $466,000 after purchasing an additional 860 shares in the last quarter. Whalen Wealth Management Inc. acquired a new stake in Iridium Communications in the second quarter valued at $201,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of Iridium Communications by 107.7% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 168,794 shares of the technology company’s stock valued at $5,093,000 after buying an additional 87,529 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Iridium Communications during the 2nd quarter worth $407,000. Finally, Brookwood Investment Group LLC purchased a new stake in shares of Iridium Communications in the 2nd quarter worth about $1,165,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

IRDM stock opened at $16.69 on Friday. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 1.09 and a beta of 0.72. The company has a quick ratio of 1.93, a current ratio of 2.67 and a debt-to-equity ratio of 4.02. Iridium Communications Inc has a 52-week low of $16.47 and a 52-week high of $34.45. The stock’s fifty day simple moving average is $18.37 and its 200-day simple moving average is $24.00.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.09. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The firm had revenue of $226.94 million for the quarter, compared to the consensus estimate of $222.13 million. During the same period in the prior year, the business posted $0.21 earnings per share. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. BWS Financial restated a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a report on Friday, October 24th. Weiss Ratings cut shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Morgan Stanley reduced their target price on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, August 1st. Raymond James Financial cut Iridium Communications from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $39.00 to $26.00 in a report on Thursday, September 11th. Finally, Barclays cut their price target on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. Six investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and an average target price of $29.67.

Insider Activity

In related news, Director Robert H. Niehaus acquired 30,000 shares of the business’s stock in a transaction dated Tuesday, October 28th. The shares were acquired at an average cost of $17.49 per share, for a total transaction of $524,700.00. Following the acquisition, the director directly owned 297,363 shares in the company, valued at approximately $5,200,878.87. The trade was a 11.22% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matthew J. Desch bought 20,000 shares of the stock in a transaction that occurred on Thursday, October 30th. The stock was bought at an average price of $17.33 per share, with a total value of $346,600.00. Following the completion of the acquisition, the chief executive officer owned 1,127,019 shares of the company’s stock, valued at $19,531,239.27. This trade represents a 1.81% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 30,967 shares of company stock valued at $557,406 in the last 90 days. 2.40% of the stock is currently owned by insiders.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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.