BNP Paribas Arbitrage SA cut its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 50.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,599 shares of the company’s stock after selling 12,889 shares during the period. BNP Paribas Arbitrage SA’s holdings in Iridium Communications were worth $102,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of IRDM. Teacher Retirement System of Texas increased its stake in shares of Iridium Communications by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 11,251 shares of the company’s stock worth $100,000 after buying an additional 1,370 shares during the period. Suntrust Banks Inc. increased its stake in shares of Iridium Communications by 5.8% in the second quarter. Suntrust Banks Inc. now owns 13,126 shares of the company’s stock worth $116,000 after buying an additional 716 shares during the period. Royal Bank of Canada increased its stake in shares of Iridium Communications by 107.6% in the first quarter. Royal Bank of Canada now owns 16,584 shares of the company’s stock worth $131,000 after buying an additional 8,597 shares during the period. Mason Street Advisors LLC bought a new stake in shares of Iridium Communications during the second quarter worth $141,000. Finally, Cue Financial Group Inc. increased its stake in shares of Iridium Communications by 21.4% in the second quarter. Cue Financial Group Inc. now owns 17,000 shares of the company’s stock worth $151,000 after buying an additional 3,000 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.
Iridium Communications Inc. (NASDAQ:IRDM) opened at 8.45 on Monday. The firm’s market cap is $808.05 million. The stock has a 50 day moving average of $7.87 and a 200-day moving average of $8.29. Iridium Communications Inc. has a 52 week low of $6.14 and a 52 week high of $9.37.
Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, July 28th. The company reported $0.22 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.03. The firm had revenue of $109.20 million for the quarter, compared to analyst estimates of $107.34 million. Iridium Communications had a return on equity of 8.08% and a net margin of 3.64%. Iridium Communications’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 earnings per share. Analysts expect that Iridium Communications Inc. will post $0.86 earnings per share for the current year.
A number of analysts have weighed in on IRDM shares. Macquarie reissued a “positive” rating on shares of Iridium Communications in a report on Tuesday, September 13th. Zacks Investment Research cut shares of Iridium Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, September 13th.
In other news, Director Barry West bought 10,000 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were acquired at an average cost of $7.25 per share, for a total transaction of $72,500.00. Following the completion of the acquisition, the director now owns 20,856 shares in the company, valued at $151,206. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Desch bought 15,000 shares of the stock in a transaction that occurred on Friday, September 9th. The shares were purchased at an average price of $6.98 per share, for a total transaction of $104,700.00. Following the completion of the acquisition, the chief executive officer now owns 554,040 shares of the company’s stock, valued at approximately $3,867,199.20. The disclosure for this purchase can be found here. Corporate insiders own 5.50% of the company’s stock.
Iridium Communications Company Profile
Iridium Communications Inc is a satellite communications company that offers mobile voice and data communications services. The Company utilizes mesh architecture to route traffic across its satellite constellation using radio frequency crosslinks between satellites. Its lines of business include land mobile, machine to machine, maritime, aviation and government.