Natixis Advisors L.P. boosted its position in Iridium Communications Inc. (NASDAQ:IRDM – Free Report) by 7.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,888 shares of the technology company’s stock after purchasing an additional 4,620 shares during the period. Natixis Advisors L.P. owned 0.05% of Iridium Communications worth $4,204,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Belpointe Asset Management LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $28,000. Dark Forest Capital Management LP acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $29,000. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $30,000. ICA Group Wealth Management LLC bought a new stake in shares of Iridium Communications during the 4th quarter valued at about $36,000. Finally, Dupont Capital Management Corp boosted its position in shares of Iridium Communications by 37.5% during the 1st quarter. Dupont Capital Management Corp now owns 884 shares of the technology company’s stock valued at $55,000 after purchasing an additional 241 shares in the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.
Wall Street Analyst Weigh In
IRDM has been the topic of several research analyst reports. Raymond James cut their target price on Iridium Communications from $68.00 to $67.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, August 23rd. StockNews.com initiated coverage on Iridium Communications in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft started coverage on Iridium Communications in a research report on Thursday, June 22nd. They set a “hold” rating and a $61.00 target price on the stock. Finally, Barclays upgraded Iridium Communications from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $66.00 to $65.00 in a report on Thursday, July 27th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $68.00.
Iridium Communications Stock Up 0.7 %
Shares of NASDAQ:IRDM opened at $48.95 on Friday. Iridium Communications Inc. has a 52-week low of $42.85 and a 52-week high of $68.34. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.71 and a current ratio of 2.16. The business’s 50 day simple moving average is $54.97 and its two-hundred day simple moving average is $59.19. The firm has a market cap of $6.12 billion, a P/E ratio of -326.31 and a beta of 1.04.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last announced its earnings results on Tuesday, July 25th. The technology company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.28). The company had revenue of $193.10 million for the quarter, compared to analysts’ expectations of $198.42 million. Iridium Communications had a negative net margin of 2.53% and a negative return on equity of 1.80%. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.04 EPS. As a group, research analysts forecast that Iridium Communications Inc. will post -0.1 EPS for the current fiscal year.
Iridium Communications declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 27th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 6.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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.
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