Nuveen Asset Management LLC increased its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 5.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 887,852 shares of the technology company’s stock after acquiring an additional 44,343 shares during the period. Nuveen Asset Management LLC owned approximately 0.71% of Iridium Communications worth $39,394,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of Iridium Communications by 0.6% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 40,129 shares of the technology company’s stock valued at $1,781,000 after purchasing an additional 221 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Iridium Communications by 1.7% in the third quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock valued at $603,000 after buying an additional 223 shares in the last quarter. Telemus Capital LLC lifted its position in shares of Iridium Communications by 4.4% during the 3rd quarter. Telemus Capital LLC now owns 5,813 shares of the technology company’s stock valued at $258,000 after acquiring an additional 247 shares during the period. Institute for Wealth Management LLC. boosted its stake in shares of Iridium Communications by 1.8% during the 3rd quarter. Institute for Wealth Management LLC. now owns 14,312 shares of the technology company’s stock worth $635,000 after acquiring an additional 256 shares in the last quarter. Finally, US Bancorp DE grew its holdings in shares of Iridium Communications by 4.3% in the 3rd quarter. US Bancorp DE now owns 7,522 shares of the technology company’s stock worth $334,000 after acquiring an additional 311 shares during the period. Hedge funds and other institutional investors own 83.82% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on IRDM. BWS Financial lifted their price objective on Iridium Communications from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, January 9th. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Friday, February 17th. Finally, Raymond James raised their target price on shares of Iridium Communications from $60.00 to $71.00 and gave the company a “strong-buy” rating in a report on Friday, February 17th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.75.
Iridium Communications Stock Performance
Iridium Communications (NASDAQ:IRDM – Get Rating) last announced its earnings results on Thursday, February 16th. The technology company reported ($0.01) earnings per share for the quarter. The firm had revenue of $193.80 million during the quarter, compared to analyst estimates of $172.52 million. Iridium Communications had a net margin of 1.21% and a return on equity of 0.75%. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) EPS. As a group, analysts predict that Iridium Communications Inc. will post 0.09 earnings per share for the current fiscal year.
Iridium Communications Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Wednesday, March 15th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Tuesday, March 14th.
Insider Buying and Selling
In other Iridium Communications news, CEO Matthew J. Desch sold 21,769 shares of the business’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $54.24, for a total value of $1,180,750.56. Following the completion of the transaction, the chief executive officer now directly owns 636,781 shares in the company, valued at approximately $34,539,001.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Iridium Communications news, CEO Matthew J. Desch sold 21,769 shares of Iridium Communications stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $54.24, for a total value of $1,180,750.56. Following the completion of the sale, the chief executive officer now owns 636,781 shares in the company, valued at approximately $34,539,001.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Desch sold 100,058 shares of the stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $62.82, for a total transaction of $6,285,643.56. Following the transaction, the chief executive officer now owns 612,067 shares in the company, valued at $38,450,048.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 172,172 shares of company stock worth $10,407,032. 2.50% of the stock is owned by insiders.
Iridium Communications Profile
Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.
Read More
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