Iridium Communications Inc (IRDM) Shares Bought by Arizona State Retirement System

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.

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

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