Arizona State Retirement System grew its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 14.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 139,776 shares of the technology company’s stock after purchasing an additional 17,692 shares during the period. Arizona State Retirement System owned about 0.13% of Iridium Communications worth $3,145,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of IRDM. Public Employees Retirement Association of Colorado purchased a new position in Iridium Communications during the 3rd quarter valued at about $368,000. James Investment Research Inc. increased its holdings in Iridium Communications by 3.3% during the 3rd quarter. James Investment Research Inc. now owns 131,690 shares of the technology company’s stock valued at $2,963,000 after purchasing an additional 4,220 shares during the period. Sawtooth Solutions LLC purchased a new position in Iridium Communications during the 3rd quarter valued at about $219,000. Private Wealth Partners LLC purchased a new position in Iridium Communications during the 3rd quarter valued at about $270,000. Finally, Texas Permanent School Fund increased its holdings in Iridium Communications by 12.0% during the 3rd quarter. Texas Permanent School Fund now owns 60,627 shares of the technology company’s stock valued at $1,364,000 after purchasing an additional 6,487 shares during the period. 85.83% of the stock is owned by hedge funds and other institutional investors.
IRDM stock opened at $20.75 on Friday. Iridium Communications Inc has a fifty-two week low of $10.75 and a fifty-two week high of $24.10. The company has a current ratio of 1.53, a quick ratio of 1.46 and a debt-to-equity ratio of 1.16. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 29.64 and a beta of 2.00.
Iridium Communications (NASDAQ:IRDM) last posted 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). Iridium Communications had a return on equity of 1.01% and a net margin of 26.88%. The firm had revenue of $136.76 million for the quarter, compared to analysts’ expectations of $128.32 million. On average, analysts expect that Iridium Communications Inc will post -0.2 EPS for the current year.
In other Iridium Communications news, COO S. Scott Smith sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $23.08, for a total transaction of $80,780.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 59,261 shares of company stock worth $1,208,294 in the last quarter. Company insiders own 5.60% of the company’s stock.
A number of research firms have weighed in on IRDM. BidaskClub downgraded Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Sidoti reiterated a “neutral” rating on shares of Iridium Communications in a report on Monday, August 27th. Zacks Investment Research downgraded Iridium Communications from a “hold” rating to a “strong sell” rating in a report on Saturday, October 27th. Barclays began coverage on Iridium Communications in a report on Tuesday, October 30th. They set an “overweight” rating and a $26.00 target price on the stock. Finally, Northland Securities downgraded Iridium Communications from a “market perform” rating to an “under perform” rating in a report on Monday, September 10th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $21.35.
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.
Featured Article: Technical Analysis of Stocks and What It Means
Want to see what other hedge funds are holding IRDM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iridium Communications Inc (NASDAQ:IRDM).
Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.