PNC Financial Services Group Inc. Has $655,000 Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

PNC Financial Services Group Inc. increased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,440 shares of the technology company’s stock after purchasing an additional 534 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Iridium Communications were worth $655,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in IRDM. Goldman Sachs Group Inc. increased its position in Iridium Communications by 99.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,864,957 shares of the technology company’s stock worth $74,579,000 after purchasing an additional 929,173 shares in the last quarter. Capital International Investors increased its position in Iridium Communications by 7.3% during the 2nd quarter. Capital International Investors now owns 7,432,090 shares of the technology company’s stock worth $297,209,000 after purchasing an additional 503,680 shares in the last quarter. Vanguard Group Inc. increased its position in Iridium Communications by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 12,048,122 shares of the technology company’s stock worth $481,805,000 after purchasing an additional 240,952 shares in the last quarter. State Street Corp increased its position in Iridium Communications by 4.4% during the 2nd quarter. State Street Corp now owns 3,900,893 shares of the technology company’s stock worth $155,997,000 after purchasing an additional 164,205 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Iridium Communications by 36.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 510,159 shares of the technology company’s stock worth $20,402,000 after purchasing an additional 135,589 shares in the last quarter. Institutional investors and hedge funds own 94.39% of the company’s stock.

IRDM opened at $37.44 on Friday. Iridium Communications Inc. has a fifty-two week low of $32.85 and a fifty-two week high of $54.65. The company has a debt-to-equity ratio of 1.20, a current ratio of 4.20 and a quick ratio of 3.95. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of -416.00 and a beta of 1.10. The company’s 50 day moving average price is $40.46 and its two-hundred day moving average price is $41.08.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Monday, October 18th. The technology company reported ($0.02) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.02). Iridium Communications had a negative net margin of 1.88% and a negative return on equity of 0.84%. The firm had revenue of $162.20 million for the quarter, compared to analyst estimates of $153.76 million. During the same period in the previous year, the firm posted ($0.03) EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities research analysts predict that Iridium Communications Inc. will post -0.08 EPS for the current year.

A number of equities analysts recently issued reports on the stock. Zacks Investment Research cut shares of Iridium Communications from a “hold” rating to a “sell” rating and set a $45.00 price objective for the company. in a research report on Thursday, October 21st. Raymond James boosted their target price on shares of Iridium Communications from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Wednesday, October 20th. Finally, BWS Financial raised shares of Iridium Communications from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $37.00 to $60.00 in a report on Wednesday, October 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $48.40.

Iridium Communications Company Profile

Iridium Communications, Inc is a mobile voice and data satellite communications network. Its satellite network provides communication where terrestrial wireless or wireline networks do not exist or are limited. The company’s principal lines of business include Land Mobile, Maritime, Aviation, IoT Data Services, Hosted Payloads and Other Data Services, and Government.

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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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