Nisa Investment Advisors LLC Lowers Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Nisa Investment Advisors LLC cut its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 4.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,113 shares of the technology company’s stock after selling 997 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Iridium Communications were worth $535,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Northwest Financial Advisors bought a new stake in Iridium Communications during the fourth quarter valued at about $26,000. Acadian Asset Management LLC purchased a new stake in shares of Iridium Communications during the first quarter valued at about $29,000. Mather Group LLC. bought a new stake in shares of Iridium Communications in the 2nd quarter valued at about $32,000. Blue Trust Inc. grew its position in shares of Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after buying an additional 780 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Iridium Communications during the 4th quarter worth approximately $41,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Up 0.3 %

NASDAQ:IRDM opened at $26.53 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $51.62. The company has a market cap of $3.22 billion, a PE ratio of 126.33 and a beta of 0.65. The company’s 50 day moving average is $26.72 and its two-hundred day moving average is $28.10.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on IRDM shares. Barclays raised their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial reissued a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

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.