Iridium Communications Inc $IRDM Shares Sold by Police & Firemen s Retirement System of New Jersey

Police & Firemen s Retirement System of New Jersey decreased its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 12.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,998 shares of the technology company’s stock after selling 4,953 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Iridium Communications were worth $1,086,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. ARK Investment Management LLC lifted its holdings in Iridium Communications by 9.0% in the second quarter. ARK Investment Management LLC now owns 5,333,528 shares of the technology company’s stock worth $160,913,000 after purchasing an additional 441,851 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Iridium Communications by 10.9% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,315,763 shares of the technology company’s stock worth $130,207,000 after buying an additional 422,618 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its stake in shares of Iridium Communications by 37.5% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company’s stock worth $106,210,000 after acquiring an additional 1,061,465 shares during the period. American Century Companies Inc. lifted its stake in shares of Iridium Communications by 26.6% in the 1st quarter. American Century Companies Inc. now owns 2,198,343 shares of the technology company’s stock worth $60,059,000 after acquiring an additional 462,501 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Iridium Communications by 13.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,945,852 shares of the technology company’s stock valued at $53,162,000 after acquiring an additional 234,813 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Iridium Communications news, Director Thomas Fitzpatrick sold 20,839 shares of the company’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $18.00, for a total value of $375,102.00. Following the transaction, the director directly owned 231,034 shares of the company’s stock, valued at $4,158,612. This represents a 8.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Desch purchased 20,000 shares of the business’s stock in a transaction dated Thursday, October 30th. The shares were purchased at an average cost of $17.33 per share, with a total value of $346,600.00. Following the completion of the purchase, the chief executive officer directly owned 1,127,019 shares in the company, valued at approximately $19,531,239.27. This represents a 1.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders sold 30,967 shares of company stock worth $557,406. Corporate insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

IRDM has been the topic of several recent analyst reports. Barclays dropped their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Raymond James Financial lowered shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. BWS Financial restated a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a report on Friday, October 24th. Weiss Ratings downgraded shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Finally, Morgan Stanley lowered their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and an average target price of $29.67.

Iridium Communications Stock Performance

Shares of IRDM opened at $16.05 on Friday. The company has a market capitalization of $1.68 billion, a PE ratio of 14.20, a PEG ratio of 1.09 and a beta of 0.72. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67. The company’s 50 day moving average price is $17.91 and its 200 day moving average price is $23.65. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $34.45.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. The company had revenue of $226.94 million during the quarter, compared to the consensus estimate of $222.13 million. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.21 EPS. Research analysts expect that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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.