Lecap Asset Management Ltd. Sells 12,251 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Lecap Asset Management Ltd. decreased its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 33.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,896 shares of the technology company’s stock after selling 12,251 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Iridium Communications were worth $663,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of Iridium Communications during the fourth quarter worth about $3,727,000. Nikko Asset Management Americas Inc. boosted its stake in Iridium Communications by 44.9% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,743,482 shares of the technology company’s stock worth $71,762,000 after buying an additional 539,909 shares in the last quarter. Silver Heights Capital Management Inc boosted its stake in Iridium Communications by 8.8% in the fourth quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock worth $109,330,000 after buying an additional 214,508 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Iridium Communications by 250.1% in the fourth quarter. BNP Paribas Financial Markets now owns 122,906 shares of the technology company’s stock worth $5,059,000 after buying an additional 87,802 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Iridium Communications by 4.5% in the fourth quarter. Clearbridge Investments LLC now owns 2,266,706 shares of the technology company’s stock worth $93,298,000 after buying an additional 97,167 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on IRDM. Barclays upped their target price on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial restated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.00.

Iridium Communications Trading Up 0.1 %

Shares of Iridium Communications stock traded up $0.02 on Thursday, reaching $26.77. The company had a trading volume of 165,578 shares, compared to its average volume of 1,060,004. The firm’s 50-day moving average price is $26.73 and its two-hundred day moving average price is $28.16. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $51.62. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 127.43 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.17 by $0.10. The firm had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.24) EPS. As a group, research analysts predict that Iridium Communications Inc. will post 0.77 earnings per share for the current fiscal year.

Iridium Communications Profile

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.