Iridium Communications Inc $IRDM Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 8.9% during the third quarter, Holdings Channel reports. The fund owned 612,610 shares of the technology company’s stock after buying an additional 50,239 shares during the quarter. JPMorgan Chase & Co.’s holdings in Iridium Communications were worth $10,696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. boosted its holdings in Iridium Communications by 184.7% in the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after purchasing an additional 977 shares during the last quarter. Jones Financial Companies Lllp raised its position in Iridium Communications by 36.2% during the third quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock valued at $54,000 after acquiring an additional 812 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in Iridium Communications by 147.0% in the third quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company’s stock valued at $61,000 after acquiring an additional 2,074 shares during the period. Johnson Financial Group Inc. acquired a new position in Iridium Communications in the second quarter valued at approximately $70,000. Finally, LSV Asset Management purchased a new stake in Iridium Communications in the 3rd quarter worth approximately $171,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on IRDM shares. BWS Financial reiterated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Tuesday, February 17th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Finally, Morgan Stanley increased their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 18th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $25.40.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $23.95 on Friday. The company has a debt-to-equity ratio of 3.80, a quick ratio of 1.82 and a current ratio of 2.48. The firm has a fifty day moving average of $20.65 and a 200 day moving average of $19.50. The firm has a market cap of $2.51 billion, a PE ratio of 22.59, a PEG ratio of 1.68 and a beta of 0.60. Iridium Communications Inc has a one year low of $15.65 and a one year high of $33.34.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. The business had revenue of $212.94 million for the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the business earned $0.32 earnings per share. As a group, research analysts predict that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.