Arizona State Retirement System boosted its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 14.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 139,776 shares of the technology company’s stock after acquiring an additional 17,692 shares during the quarter. Arizona State Retirement System’s holdings in Iridium Communications were worth $3,145,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Iridium Communications by 8.3% in the 2nd quarter. BlackRock Inc. now owns 12,461,562 shares of the technology company’s stock valued at $200,630,000 after acquiring an additional 949,870 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Iridium Communications by 15.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,525,448 shares of the technology company’s stock valued at $72,860,000 after acquiring an additional 594,513 shares in the last quarter. Northern Trust Corp lifted its position in Iridium Communications by 5.6% in the 2nd quarter. Northern Trust Corp now owns 2,373,109 shares of the technology company’s stock valued at $38,207,000 after acquiring an additional 126,312 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Iridium Communications by 5.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,936,957 shares of the technology company’s stock valued at $31,184,000 after acquiring an additional 100,238 shares in the last quarter. Finally, Royce & Associates LP lifted its position in Iridium Communications by 0.8% in the 2nd quarter. Royce & Associates LP now owns 1,350,843 shares of the technology company’s stock valued at $21,749,000 after acquiring an additional 11,000 shares in the last quarter. 85.83% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on IRDM shares. Raymond James upped their price objective on Iridium Communications from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, October 10th. BidaskClub cut Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Northland Securities reaffirmed a “hold” rating and issued a $14.75 price objective on shares of Iridium Communications in a research report on Wednesday, August 1st. Zacks Investment Research cut Iridium Communications from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 4th. Finally, Sidoti reaffirmed a “neutral” rating on shares of Iridium Communications in a research report on Monday, August 27th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. Iridium Communications currently has an average rating of “Buy” and an average target price of $21.35.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, October 25th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). The company had revenue of $136.76 million for the quarter, compared to analysts’ expectations of $128.32 million. Iridium Communications had a net margin of 26.88% and a return on equity of 1.01%. Sell-side analysts expect that Iridium Communications Inc will post -0.2 earnings per share for the current year.
In other Iridium Communications news, COO S. Scott Smith sold 27,761 shares of the business’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $20.55, for a total transaction of $570,488.55. Following the completion of the sale, the chief operating officer now directly owns 246,362 shares in the company, valued at approximately $5,062,739.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last quarter, insiders have sold 59,261 shares of company stock valued at $1,208,294. Company insiders own 5.60% of the company’s stock.
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Iridium Communications Profile
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.
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