Iridium Communications Inc (NASDAQ:IRDM) Stake Increased by Bank of America Corp DE

Bank of America Corp DE raised its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 19.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 475,904 shares of the technology company’s stock after buying an additional 77,196 shares during the period. Bank of America Corp DE owned about 0.49% of Iridium Communications worth $4,592,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in IRDM. Metropolitan Life Insurance Co. NY increased its position in shares of Iridium Communications by 0.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 53,894 shares of the technology company’s stock worth $517,000 after buying an additional 189 shares in the last quarter. Capital One National Association increased its position in Iridium Communications by 0.8% in the first quarter. Capital One National Association now owns 33,822 shares of the technology company’s stock worth $326,000 after buying an additional 272 shares during the period. Municipal Employees Retirement System of Michigan increased its position in Iridium Communications by 1.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 18,380 shares of the technology company’s stock worth $177,000 after buying an additional 340 shares during the period. Suntrust Banks Inc. increased its position in Iridium Communications by 2.8% in the first quarter. Suntrust Banks Inc. now owns 13,044 shares of the technology company’s stock worth $125,000 after buying an additional 357 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in Iridium Communications by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the technology company’s stock worth $317,000 after buying an additional 500 shares during the period.

Shares of Iridium Communications Inc (NASDAQ:IRDM) traded up 3.03% during midday trading on Friday, hitting $10.20. The company had a trading volume of 875,515 shares. Iridium Communications Inc has a 1-year low of $6.80 and a 1-year high of $11.58. The firm has a market capitalization of $996.21 million, a P/E ratio of 10.91 and a beta of 1.69. The stock has a 50 day moving average price of $10.65 and a 200 day moving average price of $10.05.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.01. The company had revenue of $111.60 million during the quarter, compared to the consensus estimate of $109.18 million. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. Iridium Communications’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.22 EPS. On average, equities analysts anticipate that Iridium Communications Inc will post $0.80 EPS for the current fiscal year.

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Several analysts have recently commented on the company. Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Iridium Communications has a consensus rating of “Buy” and an average target price of $12.00.

Iridium Communications Company 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.

Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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