Bank of New York Mellon Corp Acquires 275,775 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Bank of New York Mellon Corp increased its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 27.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,297,676 shares of the technology company’s stock after acquiring an additional 275,775 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.14% of Iridium Communications worth $37,659,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of IRDM. Capital Performance Advisors LLP purchased a new position in Iridium Communications during the third quarter worth about $57,000. Fifth Third Bancorp grew its position in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after buying an additional 357 shares in the last quarter. GAMMA Investing LLC lifted its stake in Iridium Communications by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,074 shares during the last quarter. KBC Group NV lifted its stake in Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after purchasing an additional 781 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in Iridium Communications by 491.9% during the fourth quarter. Allworth Financial LP now owns 5,747 shares of the technology company’s stock worth $167,000 after purchasing an additional 4,776 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 1.2 %

IRDM stock opened at $30.65 on Friday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $35.85. The business’s 50 day moving average price is $29.66 and its two-hundred day moving average price is $29.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 1.28 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. As a group, analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on IRDM shares. Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company. StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a research note on Thursday, February 27th.

Insiders Place Their Bets

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.

About Iridium Communications

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.