Irving Magee Investment Management buys $4.7 Million stake in Iridium Communications Inc (IRDM)

Iridium Communications Inc (IRDM) : Irving Magee Investment Management scooped up 133,916 additional shares in Iridium Communications Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 573,020 shares of Iridium Communications Inc which is valued at $4.7 Million.Iridium Communications Inc makes up approximately 2.43% of Irving Magee Investment Management’s portfolio.

Other Hedge Funds, Including , Teacher Retirement System Of Texas boosted its stake in IRDM in the latest quarter, The investment management firm added 2,597 additional shares and now holds a total of 9,881 shares of Iridium Communications Inc which is valued at $80,925.Blackrock Group Ltd boosted its stake in IRDM in the latest quarter, The investment management firm added 8,352 additional shares and now holds a total of 75,783 shares of Iridium Communications Inc which is valued at $620,663.California Public Employees Retirement System boosted its stake in IRDM in the latest quarter, The investment management firm added 30,100 additional shares and now holds a total of 640,000 shares of Iridium Communications Inc which is valued at $5.3 Million. Iridium Communications Inc makes up approx 0.01% of California Public Employees Retirement System’s portfolio. Thompson Davis added IRDM to its portfolio by purchasing 500 company shares during the most recent quarter which is valued at $8,230. Iridium Communications Inc makes up approx 0.01% of Thompson Davis’s portfolio.Capital Management Associates Ny boosted its stake in IRDM in the latest quarter, The investment management firm added 400 additional shares and now holds a total of 50,900 shares of Iridium Communications Inc which is valued at $418,907. Iridium Communications Inc makes up approx 0.74% of Capital Management Associates Ny’s portfolio.

Iridium Communications Inc opened for trading at $8.22 and hit $8.455 on the upside on Monday, eventually ending the session at $8.42, with a gain of 2.81% or 0.23 points. The heightened volatility saw the trading volume jump to 8,12,527 shares. Company has a market cap of $804 M.

On the company’s financial health, Iridium Communications Inc reported $0.23 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.21. The company had revenue of $104.20 million for the quarter, compared to analysts expectations of $104.04 million. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

Iridium Communications Inc. is a satellite communications company that offers global voice and data communications coverage. The Company provides voice and data communications services to businesses the United States and foreign governments non-governmental organizations and consumers via its constellation of 66 in-orbit satellites in-orbit spares and related ground infrastructure. The Company’s principal services include mobile satellite services including mobile voice and data services machine to machine (M2M) services and data. Its commercial services include postpaid mobile voice and data satellite communications services; prepaid mobile voice satellite communications services; broadband data services machine-to-machine services and other services. The Company’s commercial end user base includes markets such as emergency services maritime aviation government utilities oil and gas mining recreation forestry heavy equipment construction and transportation.

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