Louisiana State Employees Retirement System Grows Holdings in Iridium Communications Inc (IRDM)

Louisiana State Employees Retirement System raised its stake in Iridium Communications Inc (NASDAQ:IRDM) by 13.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,500 shares of the technology company’s stock after buying an additional 4,900 shares during the period. Louisiana State Employees Retirement System’s holdings in Iridium Communications were worth $956,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in shares of Iridium Communications by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 22,399 shares of the technology company’s stock worth $361,000 after purchasing an additional 3,074 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Iridium Communications by 13.7% in the 3rd quarter. State of Alaska Department of Revenue now owns 31,199 shares of the technology company’s stock worth $701,000 after purchasing an additional 3,768 shares during the period. Brown Advisory Inc. lifted its position in shares of Iridium Communications by 1.5% in the 2nd quarter. Brown Advisory Inc. now owns 273,718 shares of the technology company’s stock worth $4,407,000 after purchasing an additional 4,005 shares during the period. United Services Automobile Association lifted its position in shares of Iridium Communications by 10.9% in the 2nd quarter. United Services Automobile Association now owns 46,223 shares of the technology company’s stock worth $744,000 after purchasing an additional 4,533 shares during the period. Finally, Aperio Group LLC lifted its position in shares of Iridium Communications by 9.4% in the 2nd quarter. Aperio Group LLC now owns 60,240 shares of the technology company’s stock worth $970,000 after purchasing an additional 5,183 shares during the period. 86.25% of the stock is owned by institutional investors.

NASDAQ IRDM opened at $19.98 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.18 and a quick ratio of 2.09. The company has a market cap of $2.20 billion, a P/E ratio of 49.63 and a beta of 1.84. Iridium Communications Inc has a 52 week low of $9.95 and a 52 week high of $24.10.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, July 31st. The technology company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $134.93 million during the quarter, compared to analyst estimates of $120.54 million. Iridium Communications had a net margin of 36.66% and a return on equity of 3.72%. Iridium Communications’s revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 EPS. Research analysts forecast that Iridium Communications Inc will post -0.14 earnings per share for the current fiscal year.

Several brokerages have recently weighed in on IRDM. BidaskClub cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Raymond James upped their price target on shares of Iridium Communications from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, October 10th. Northland Securities reaffirmed a “hold” rating and issued a $14.75 price target on shares of Iridium Communications in a research report on Wednesday, August 1st. Zacks Investment Research cut shares of 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the stock. Iridium Communications presently has an average rating of “Buy” and an average target price of $18.55.

In related news, Director Thomas C. Canfield sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $19.30, for a total transaction of $241,250.00. Following the completion of the transaction, the director now owns 212,498 shares in the company, valued at approximately $4,101,211.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas D. Hickey sold 13,455 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $18.86, for a total transaction of $253,761.30. Following the transaction, the insider now owns 125,820 shares of the company’s stock, valued at approximately $2,372,965.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 104,371 shares of company stock valued at $2,065,776. 5.60% of the stock is currently owned by company insiders.

About Iridium Communications

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

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