New York State Common Retirement Fund Grows Holdings in Iridium Communications Inc (NASDAQ:IRDM)

New York State Common Retirement Fund raised its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 4.7% during the first quarter, HoldingsChannel reports. The firm owned 98,600 shares of the technology company’s stock after purchasing an additional 4,400 shares during the period. New York State Common Retirement Fund’s holdings in Iridium Communications were worth $2,607,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRDM. FMR LLC raised its position in Iridium Communications by 200.2% during the fourth quarter. FMR LLC now owns 3,673,682 shares of the technology company’s stock valued at $67,779,000 after purchasing an additional 2,450,078 shares in the last quarter. Oregon Public Employees Retirement Fund purchased a new stake in Iridium Communications during the fourth quarter valued at about $37,000. Norges Bank purchased a new stake in Iridium Communications during the fourth quarter valued at about $12,249,000. Dimensional Fund Advisors LP raised its position in Iridium Communications by 9.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,849,133 shares of the technology company’s stock valued at $107,919,000 after purchasing an additional 517,624 shares in the last quarter. Finally, Dudley & Shanley Inc. raised its position in Iridium Communications by 313.5% during the first quarter. Dudley & Shanley Inc. now owns 398,600 shares of the technology company’s stock valued at $10,539,000 after purchasing an additional 302,200 shares in the last quarter. Institutional investors and hedge funds own 84.41% of the company’s stock.

In other news, Director Parker William Rush acquired 4,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were acquired at an average cost of $22.70 per share, with a total value of $90,800.00. Following the transaction, the director now owns 201,248 shares in the company, valued at approximately $4,568,329.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Bryan J. Hartin sold 103,000 shares of Iridium Communications stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $27.13, for a total value of $2,794,390.00. Following the sale, the executive vice president now directly owns 192,562 shares in the company, valued at $5,224,207.06. The disclosure for this sale can be found here. Insiders sold 431,289 shares of company stock worth $11,683,679 over the last three months. 5.00% of the stock is owned by insiders.

IRDM has been the topic of a number of recent research reports. BidaskClub cut Iridium Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, May 14th. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Saturday, March 2nd. Raymond James cut Iridium Communications from a “strong-buy” rating to an “outperform” rating and raised their price objective for the company from $25.00 to $30.00 in a research note on Wednesday, April 24th. Finally, Northland Securities reaffirmed a “sell” rating on shares of Iridium Communications in a research note on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $23.50.

Shares of NASDAQ:IRDM opened at $22.84 on Thursday. Iridium Communications Inc has a 12-month low of $15.70 and a 12-month high of $28.24. The stock has a market cap of $2.59 billion, a PE ratio of -163.14 and a beta of 2.18. The company has a current ratio of 1.05, a quick ratio of 0.96 and a debt-to-equity ratio of 1.09.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.05. The firm had revenue of $133.70 million for the quarter, compared to analysts’ expectations of $128.54 million. Iridium Communications had a negative return on equity of 2.14% and a negative net margin of 7.98%. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) earnings per share. As a group, analysts anticipate that Iridium Communications Inc will post -0.75 EPS for the current year.

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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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