24,000 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Purchased by OFI Invest Asset Management

OFI Invest Asset Management purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 24,000 shares of the technology company’s stock, valued at approximately $673,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IRDM. Raymond James Financial Inc. purchased a new position in shares of Iridium Communications during the fourth quarter worth about $17,613,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after buying an additional 320,506 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Iridium Communications by 27.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company’s stock worth $37,659,000 after buying an additional 275,775 shares during the last quarter. FMR LLC grew its holdings in shares of Iridium Communications by 26.7% during the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after buying an additional 198,360 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new position in shares of Iridium Communications during the third quarter worth about $4,614,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of IRDM opened at $30.65 on Monday. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $35.85. The stock’s 50 day moving average is $29.69 and its two-hundred day moving average is $29.29. The firm has a market capitalization of $3.34 billion, a PE ratio of 32.26, a P/E/G ratio of 1.28 and a beta of 0.70. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.15 by $0.16. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on IRDM shares. StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a report on Thursday, February 27th. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock.

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.