JPMorgan Chase & Co. Boosts Stake in Iridium Communications Inc $IRDM

Key Points

• JPMorgan Chase increased its stake in Iridium by 8.9% to 612,610 shares (about 0.58% of the company), adding 50,239 shares and holding roughly $10.7 million at quarter-end.
• Iridium beat EPS expectations with $0.24 vs. $0.23 but missed revenue ($212.94M vs. $219.14M); the company has a $2.51B market cap, a 1‑year range of $15.65–$33.34, and a PE of 22.59.
• Analyst sentiment is mixed—MarketBeat shows an average rating of Hold with a $25.40 average price target, while individual reports range from buy to sell (Morgan Stanley raised its target to $26).

JPMorgan Chase & Co. grew its stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 8.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 612,610 shares of the technology company's stock after acquiring an additional 50,239 shares during the quarter. JPMorgan Chase & Co. owned about 0.58% of Iridium Communications worth $10,696,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in IRDM. Hantz Financial Services Inc. boosted its position in Iridium Communications by 184.7% during the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company's stock valued at $26,000 after purchasing an additional 977 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Iridium Communications by 36.2% during the third quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company's stock valued at $54,000 after buying an additional 812 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Iridium Communications by 147.0% in the 3rd quarter. SBI Securities Co. Ltd. now owns 3,485 shares of the technology company's stock valued at $61,000 after buying an additional 2,074 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in shares of Iridium Communications in the 2nd quarter worth approximately $70,000. Finally, LSV Asset Management purchased a new position in shares of Iridium Communications in the 3rd quarter worth approximately $171,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Price Performance

Shares of IRDM opened at $23.95 on Friday. The firm has a market capitalization of $2.51 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 1.68 and a beta of 0.60. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $33.34. The company's fifty day moving average price is $20.65 and its 200-day moving average price is $19.50.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The company had revenue of $212.94 million during the quarter, compared to analyst estimates of $219.14 million. During the same quarter last year, the business posted $0.32 EPS. The firm's quarterly revenue was up .0% on a year-over-year basis. On average, equities research analysts predict that Iridium Communications Inc will post 0.89 EPS for the current year.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of analyst reports. Morgan Stanley increased their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 18th. BWS Financial reiterated a "sell" rating and set a $16.00 price objective on shares of Iridium Communications in a report on Tuesday, February 17th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Iridium Communications in a research report on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $25.40.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company's unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium's core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.