Metropolitan Life Insurance Co. NY increased its position in Iridium Communications Inc (NASDAQ:IRDM) by 23.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,111 shares of the technology company’s stock after acquiring an additional 5,844 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Iridium Communications were worth $501,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its holdings in shares of Iridium Communications by 187.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,038,600 shares of the technology company’s stock worth $16,721,000 after acquiring an additional 677,100 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Iridium Communications by 15.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,525,448 shares of the technology company’s stock worth $72,860,000 after acquiring an additional 594,513 shares during the period. Brown Advisory Inc. grew its holdings in shares of Iridium Communications by 1.5% in the 2nd quarter. Brown Advisory Inc. now owns 273,718 shares of the technology company’s stock worth $4,407,000 after acquiring an additional 4,005 shares during the period. Legal & General Group Plc grew its holdings in shares of Iridium Communications by 7.4% in the 2nd quarter. Legal & General Group Plc now owns 167,654 shares of the technology company’s stock worth $2,698,000 after acquiring an additional 11,608 shares during the period. Finally, BlackRock Inc. grew its holdings in shares of Iridium Communications by 8.3% in the 2nd quarter. BlackRock Inc. now owns 12,461,562 shares of the technology company’s stock worth $200,630,000 after acquiring an additional 949,870 shares during the period. Institutional investors and hedge funds own 86.23% of the company’s stock.

In other Iridium Communications news, insider Thomas D. Hickey sold 13,455 shares of the stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $18.86, for a total transaction of $253,761.30. Following the transaction, the insider now owns 125,820 shares of the company’s stock, valued at approximately $2,372,965.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Bryan J. Hartin sold 29,655 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $19.23, for a total value of $570,265.65. Following the transaction, the executive vice president now directly owns 94,168 shares in the company, valued at approximately $1,810,850.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 93,871 shares of company stock worth $1,845,976. Corporate insiders own 5.60% of the company’s stock.

A number of equities research analysts recently issued reports on IRDM shares. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research note on Friday, August 3rd. BidaskClub raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 9th. Northland Securities reaffirmed a “hold” rating and issued a $14.75 target price on shares of Iridium Communications in a research note on Wednesday, August 1st. ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 31st. Finally, Sidoti reaffirmed a “neutral” rating on shares of Iridium Communications in a research note on Monday, August 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $17.44.

IRDM stock opened at $20.45 on Thursday. Iridium Communications Inc has a 1 year low of $9.95 and a 1 year high of $21.55. The company has a market capitalization of $2.34 billion, a P/E ratio of 52.75 and a beta of 1.84. The company has a debt-to-equity ratio of 1.20, a quick ratio of 2.09 and a current ratio of 2.18.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. The company had revenue of $134.93 million for the quarter, compared to analyst estimates of $120.54 million. During the same quarter in the prior year, the company posted $0.20 EPS. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. analysts expect that Iridium Communications Inc will post -0.14 earnings per share for the current year.

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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