Iridium Communications Inc. (NASDAQ:IRDM) posted its quarterly earnings results on Thursday. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The business earned $112.80 million during the quarter, compared to analyst estimates of $111.21 million. Iridium Communications had a return on equity of 8.21% and a net margin of 4.04%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 earnings per share.
Iridium Communications (NASDAQ:IRDM) opened at 8.10 on Monday. The company has a 50-day moving average price of $7.99 and a 200-day moving average price of $8.34. Iridium Communications has a 12-month low of $6.14 and a 12-month high of $9.37. The firm’s market capitalization is $774.58 million.
In other news, Director Barry West acquired 10,000 shares of Iridium Communications stock in a transaction that occurred on Wednesday, September 7th. The stock was purchased at an average price of $7.25 per share, for a total transaction of $72,500.00. Following the completion of the transaction, the director now directly owns 20,856 shares in the company, valued at $151,206. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Desch acquired 15,000 shares of Iridium Communications stock in a transaction that occurred on Friday, September 9th. The stock was purchased at an average price of $6.98 per share, with a total value of $104,700.00. Following the transaction, the chief executive officer now owns 554,040 shares of the company’s stock, valued at $3,867,199.20. The disclosure for this purchase can be found here. 5.50% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. FMR LLC increased its stake in shares of Iridium Communications by 266.6% in the second quarter. FMR LLC now owns 4,573,529 shares of the company’s stock worth $40,613,000 after buying an additional 3,326,129 shares during the last quarter. BlackRock Fund Advisors increased its stake in Iridium Communications by 13.6% in the second quarter. BlackRock Fund Advisors now owns 8,422,442 shares of the company’s stock worth $74,791,000 after buying an additional 1,007,578 shares during the last quarter. Vanguard Group Inc. increased its stake in Iridium Communications by 4.5% in the second quarter. Vanguard Group Inc. now owns 9,098,656 shares of the company’s stock worth $80,796,000 after buying an additional 388,317 shares during the last quarter. Van Berkom & Associates Inc. increased its stake in Iridium Communications by 6.3% in the third quarter. Van Berkom & Associates Inc. now owns 5,149,057 shares of the company’s stock worth $41,759,000 after buying an additional 303,136 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its stake in Iridium Communications by 5.6% in the second quarter. Glenmede Trust Co. NA now owns 3,087,999 shares of the company’s stock worth $27,420,000 after buying an additional 163,174 shares during the last quarter. Hedge funds and other institutional investors own 94.52% of the company’s stock.
A number of equities research analysts have recently issued reports on the company. Zacks Investment Research lowered Iridium Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, September 13th. Macquarie restated a “positive” rating on shares of Iridium Communications in a research report on Tuesday, September 13th.
About Iridium Communications