Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 11,500 shares of the technology company’s stock, valued at approximately $510,000.
Several other hedge funds have also added to or reduced their stakes in IRDM. Cipher Capital LP acquired a new position in Iridium Communications in the 3rd quarter valued at $2,649,000. Brown Advisory Inc. raised its holdings in Iridium Communications by 0.5% in the 3rd quarter. Brown Advisory Inc. now owns 522,556 shares of the technology company’s stock valued at $23,186,000 after acquiring an additional 2,750 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Iridium Communications by 1.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock valued at $603,000 after acquiring an additional 223 shares in the last quarter. Ontario Teachers Pension Plan Board raised its holdings in Iridium Communications by 27.6% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 11,906 shares of the technology company’s stock valued at $528,000 after acquiring an additional 2,572 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new position in Iridium Communications in the 3rd quarter valued at $324,000. 83.82% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Iridium Communications
In other news, Director Thomas C. Canfield sold 10,036 shares of the firm’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $61.03, for a total transaction of $612,497.08. Following the transaction, the director now directly owns 190,587 shares of the company’s stock, valued at $11,631,524.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Kathleen A. Morgan sold 5,069 shares of Iridium Communications stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $63.15, for a total transaction of $320,107.35. Following the completion of the transaction, the insider now directly owns 34,587 shares in the company, valued at $2,184,169.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas C. Canfield sold 10,036 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $61.03, for a total transaction of $612,497.08. Following the completion of the transaction, the director now owns 190,587 shares of the company’s stock, valued at $11,631,524.61. The disclosure for this sale can be found here. Insiders have sold 182,208 shares of company stock worth $11,019,529 over the last 90 days. Corporate insiders own 2.50% of the company’s stock.
Iridium Communications Stock Performance
Iridium Communications (NASDAQ:IRDM – Get Rating) last announced its quarterly earnings data on Thursday, February 16th. The technology company reported ($0.01) earnings per share for the quarter. The firm had revenue of $193.80 million for the quarter, compared to the consensus estimate of $172.52 million. Iridium Communications had a net margin of 1.21% and a return on equity of 0.75%. Iridium Communications’s revenue for the quarter was up 24.3% on a year-over-year basis. During the same period last year, the company posted ($0.04) earnings per share. Equities analysts anticipate that Iridium Communications Inc. will post 0.09 earnings per share for the current fiscal year.
Iridium Communications Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Wednesday, March 15th will be given a $0.13 dividend. The ex-dividend date is Tuesday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.85%.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on IRDM shares. StockNews.com lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Friday, February 17th. Raymond James lifted their price target on Iridium Communications from $60.00 to $71.00 and gave the company a “strong-buy” rating in a research note on Friday, February 17th. Finally, BWS Financial lifted their price target on Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, January 9th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.75.
About Iridium Communications
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.
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