The New York State Joint Retirement Fund holds a $3.44 million position in Iridium Communications Inc. (NASDAQ:IRDM)

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The New York State Common Retirement Fund reduced its holdings in Iridium Communications Inc. (NASDAQ: IRDM – Get Rating) by 1.1% during the 1st quarter, according to its latest filing with the Securities and Exchange Commission. The fund held 85,200 shares of the technology company after selling 990 shares during the period. The New York State Common Retirement Fund held 0.07% of Iridium Communications worth $3,435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently increased or reduced their stake in IRDM. Byrne Asset Management LLC acquired a new stake in Iridium Communications in Q4 valued at $29,000. CWM LLC increased its stake in Iridium Communications to 95.0% in the 1st quarter. CWM LLC now owns 739 shares of the technology company valued at $30,000 after buying an additional 360 shares in the last quarter. Fifth Third Bancorp increased its stake in Iridium Communications shares by 82.9% during the 4th quarter. Fifth Third Bancorp now owns 1,101 shares of the technology company worth $45,000 after buying 499 more shares in the last quarter. Vienna Asset Management LLC acquired a new position in shares of Iridium Communications during the 4th quarter for a value of approximately $169,000. Finally, Comprehensive Financial Consultants Institutional Inc. acquired a new position in shares of Iridium Communications during the 4th quarter worth approximately $203,000. 97.98% of the shares are currently held by institutional investors and hedge funds.

Insider buying and selling

In related news, insider Kathleen A. Morgan sold 3,000 shares of Iridium Communications in a trade dated Thursday, July 28. The shares were sold at an average price of $44.00, for a total transaction of $132,000.00. Following the completion of the sale, the insider now owns 49,399 shares of the company, valued at approximately $2,173,556. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. In other news from Iridium Communications, director Barry West sold 3,002 shares of the company in a trade dated Friday, July 29. The shares were sold at an average price of $44.03, for a total value of $132,178.06. Following the completion of the sale, the director now owns 44,423 shares of the company, valued at approximately $1,955,944.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, insider Kathleen A. Morgan sold 3,000 shares of the company in a trade dated Thursday, July 28. The shares were sold at an average price of $44.00, for a total transaction of $132,000.00. Following the completion of the sale, the insider now directly owns 49,399 shares of the company, valued at approximately $2,173,556. The disclosure of this sale can be found here. In the past 90 days, insiders have sold 49,801 shares of the company valued at $2,240,833. Insiders of the company hold 2.50% of the shares of the company.

Iridium Communications stock performance

Shares of IRDM opened at $46.05 on Friday. The company has a quick ratio of 2.97, a current ratio of 3.23 and a debt ratio of 1.33. The company has a 50-day simple moving average of $39.65 and a 200-day simple moving average of $38.31. Iridium Communications Inc. has a 52-week low of $31.73 and a 52-week high of $48.95.

Iridium Communications (NASDAQ:IRDM – Get Rating) last announced its results on Tuesday, July 26. The technology company reported EPS of $0.04 for the quarter. The company posted revenue of $174.90 million in the quarter, versus a consensus estimate of $166.46 million. Iridium Communications had a negative net margin of 0.09% and a negative return on equity of 0.05%. Iridium Communications’ revenues increased by 16.6% compared to the same quarter last year. In the same quarter a year earlier, the company posted EPS of $0.03. As a group, stock analysts expect Iridium Communications Inc. to post earnings per share of 0.09 for the current fiscal year.

Iridium Communications announced that its board of directors authorized a stock repurchase program on Tuesday, April 19 that allows the company to repurchase $300.00 million in stock. This repurchase authorization allows the tech company to repurchase up to 6.3% of its shares through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street analysts predict growth

Separately, StockNews.com upgraded Iridium Communications shares from a “hold” rating to a “buy” rating in a Tuesday, May 24 research rating. Five investment analysts gave the stock a buy rating and one gave the company a high buy rating. Based on data from MarketBeat.com, the stock currently has an average buy rating and an average target price of $50.00.

Iridium Communications Company Profile

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Iridium Communications Inc provides mobile voice and data communications services and products to businesses, U.S. and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid satellite voice and data mobile communications; prepaid mobile voice communications via satellite; press 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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