Stevens Capital Management LP Invests $232,000 in Iridium Communications Inc (IRDM) Stock
Stevens Capital Management LP bought a new stake in Iridium Communications Inc (NASDAQ:IRDM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,501 shares of the technology company’s stock, valued at approximately $232,000.
A number of other large investors also recently added to or reduced their stakes in the business. Amalgamated Bank lifted its stake in Iridium Communications by 2.5% in the second quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock valued at $126,000 after buying an additional 284 shares during the period. Louisiana State Employees Retirement System lifted its stake in Iridium Communications by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 33,300 shares of the technology company’s stock valued at $368,000 after buying an additional 500 shares during the period. Arizona State Retirement System lifted its stake in Iridium Communications by 1.7% in the second quarter. Arizona State Retirement System now owns 42,634 shares of the technology company’s stock valued at $471,000 after buying an additional 700 shares during the period. PNC Financial Services Group Inc. lifted its stake in 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 valued at $109,000 after buying an additional 1,303 shares during the period. Finally, Rhumbline Advisers lifted its stake in Iridium Communications by 0.8% in the second quarter. Rhumbline Advisers now owns 164,291 shares of the technology company’s stock valued at $1,815,000 after buying an additional 1,320 shares during the period.
In related news, COO S. Scott Smith sold 135,000 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the completion of the transaction, the chief operating officer now directly owns 309,000 shares in the company, valued at $3,247,590. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director A B. Krongard acquired 45,750 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were purchased at an average price of $10.89 per share, with a total value of $498,217.50. Following the completion of the acquisition, the director now owns 149,788 shares of the company’s stock, valued at approximately $1,631,191.32. The disclosure for this purchase can be found here. 6.40% of the stock is owned by corporate insiders.
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IRDM has been the topic of several analyst reports. TheStreet raised Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, October 27th. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Monday, July 31st. Drexel Hamilton restated a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. Wells Fargo & Company increased their price target on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a report on Friday, October 27th. Finally, ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Iridium Communications has a consensus rating of “Buy” and a consensus price target of $12.33.
Shares of Iridium Communications Inc (NASDAQ IRDM) opened at $12.00 on Wednesday. Iridium Communications Inc has a fifty-two week low of $7.80 and a fifty-two week high of $12.90. The stock has a market capitalization of $1,121.77, a PE ratio of 12.45, a price-to-earnings-growth ratio of 2.75 and a beta of 1.78. The company has a quick ratio of 2.67, a current ratio of 2.78 and a debt-to-equity ratio of 1.17.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. The company had revenue of $116.55 million during the quarter, compared to the consensus estimate of $113.96 million. During the same period in the prior year, the company earned $0.26 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. sell-side analysts predict that Iridium Communications Inc will post 0.83 EPS for the current fiscal year.
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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