Metropolitan Life Insurance Co. NY Acquires 1,966 Shares of Iridium Communications Inc (IRDM)
Metropolitan Life Insurance Co. NY raised its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 3.6% during the first quarter, Holdings Channel reports. The firm owned 55,860 shares of the technology company’s stock after buying an additional 1,966 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Iridium Communications were worth $539,000 as of its most recent filing with the SEC.
A number of other institutional investors have also made changes to their positions in IRDM. Trexquant Investment LP acquired a new position in shares of Iridium Communications during the first quarter valued at about $115,000. Victory Capital Management Inc. acquired a new position in shares of Iridium Communications during the first quarter valued at about $124,000. Suntrust Banks Inc. boosted its position in shares of Iridium Communications by 2.8% in the first quarter. Suntrust Banks Inc. now owns 13,044 shares of the technology company’s stock valued at $125,000 after buying an additional 357 shares during the period. Sei Investments Co. boosted its position in shares of Iridium Communications by 16.3% in the first quarter. Sei Investments Co. now owns 17,826 shares of the technology company’s stock valued at $172,000 after buying an additional 2,503 shares during the period. Finally, Municipal Employees Retirement System of Michigan boosted its position in shares of Iridium Communications by 1.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 18,380 shares of the technology company’s stock valued at $177,000 after buying an additional 340 shares during the period.
Iridium Communications Inc (NASDAQ IRDM) traded down 0.51% during midday trading on Friday, hitting $9.85. 111,126 shares of the stock were exchanged. Iridium Communications Inc has a 1-year low of $6.80 and a 1-year high of $11.58. The stock has a market cap of $962.03 million, a PE ratio of 10.53 and a beta of 1.69. The company’s 50 day moving average is $10.66 and its 200-day moving average is $10.05.
Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, July 27th. The technology company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The company had revenue of $111.60 million for the quarter, compared to the consensus estimate of $109.18 million. During the same period in the previous year, the firm earned $0.22 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, analysts expect that Iridium Communications Inc will post $0.80 earnings per share for the current year.
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IRDM has been the subject of several recent research reports. BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Monday, July 31st. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $12.00.
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.
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