Victory Capital Management Inc. Has $166,000 Position in Iridium Communications Inc (IRDM)
Victory Capital Management Inc. boosted its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 17.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,065 shares of the technology company’s stock after acquiring an additional 2,258 shares during the period. Victory Capital Management Inc.’s holdings in Iridium Communications were worth $166,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. BB&T Securities LLC lifted its position in Iridium Communications by 9.1% during the second quarter. BB&T Securities LLC now owns 92,783 shares of the technology company’s stock valued at $1,025,000 after acquiring an additional 7,773 shares during the last quarter. Vanguard Group Inc. lifted its position in Iridium Communications by 4.8% during the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after acquiring an additional 457,168 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in Iridium Communications by 49.9% during the second quarter. Municipal Employees Retirement System of Michigan now owns 27,560 shares of the technology company’s stock valued at $305,000 after acquiring an additional 9,180 shares during the last quarter. Karp Capital Management Corp purchased a new stake in Iridium Communications during the first quarter valued at approximately $443,000. Finally, Jane Street Group LLC purchased a new stake in Iridium Communications during the first quarter valued at approximately $483,000.
In other news, COO S. Scott Smith sold 135,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the completion of the sale, the chief operating officer now owns 309,000 shares in the company, valued at approximately $3,247,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.40% of the stock is owned by insiders.
IRDM has been the subject of a number of analyst reports. BidaskClub raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. TheStreet cut shares of Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Zacks Investment Research cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Drexel Hamilton reissued a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Iridium Communications has a consensus rating of “Buy” and a consensus price target of $13.00.
Shares of Iridium Communications Inc (IRDM) opened at 9.95 on Friday. The stock has a market cap of $971.80 million, a PE ratio of 10.64 and a beta of 1.72. The company’s 50-day moving average is $10.20 and its 200-day moving average is $10.20. Iridium Communications Inc has a 52-week low of $7.43 and a 52-week high of $11.58.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $109.18 million. During the same quarter in the previous year, the firm earned $0.22 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. Equities analysts anticipate that Iridium Communications Inc will post $0.80 EPS for the current year.
Iridium Communications 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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