Iridium Communications Inc (NASDAQ:IRDM) Position Raised by Wells Fargo & Company MN

Wells Fargo & Company MN increased its stake in Iridium Communications Inc (NASDAQ:IRDM) by 23.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 271,423 shares of the technology company’s stock after purchasing an additional 52,238 shares during the period. Wells Fargo & Company MN owned 0.28% of Iridium Communications worth $2,796,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Schwab Charles Investment Management Inc. increased its position in shares of Iridium Communications by 3.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 540,390 shares of the technology company’s stock valued at $5,972,000 after purchasing an additional 15,715 shares during the period. Rhumbline Advisers grew its holdings in shares of Iridium Communications by 0.8% in the 2nd quarter. Rhumbline Advisers now owns 164,291 shares of the technology company’s stock worth $1,815,000 after acquiring an additional 1,320 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Iridium Communications by 11.1% in the 2nd quarter. Legal & General Group Plc now owns 149,075 shares of the technology company’s stock worth $1,648,000 after acquiring an additional 14,929 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Iridium Communications by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 15,065 shares of the technology company’s stock worth $166,000 after acquiring an additional 2,258 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Iridium Communications by 10.1% in the 2nd quarter. Principal Financial Group Inc. now owns 690,413 shares of the technology company’s stock worth $7,629,000 after acquiring an additional 63,096 shares during the last quarter.

In related news, Director A B. Krongard bought 45,750 shares of Iridium Communications stock in a transaction that occurred on Thursday, November 9th. The stock was purchased at an average cost of $10.89 per share, with a total value of $498,217.50. Following the purchase, the director now owns 149,788 shares in the company, valued at $1,631,191.32. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 6.40% of the company’s stock.

Shares of Iridium Communications Inc (NASDAQ:IRDM) opened at $12.60 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.67 and a current ratio of 2.78. The firm has a market capitalization of $1,205.04, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 4.15 and a beta of 1.75. Iridium Communications Inc has a 1-year low of $7.80 and a 1-year high of $12.90.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. The firm had revenue of $116.55 million for the quarter, compared to the consensus estimate of $113.96 million. During the same quarter in the prior year, the business earned $0.26 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. equities research analysts predict that Iridium Communications Inc will post 0.83 EPS for the current fiscal year.

Several brokerages have recently commented on IRDM. BidaskClub cut Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Wednesday, September 27th. ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. TheStreet upgraded Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, October 27th. Finally, Wells Fargo & Co lifted their price objective on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research note on Friday, October 27th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Iridium Communications has a consensus rating of “Buy” and a consensus target price of $13.00.

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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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