California State Teachers Retirement System reduced its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 8.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 148,509 shares of the technology company’s stock after selling 13,962 shares during the period. California State Teachers Retirement System owned 0.15% of Iridium Communications worth $1,641,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in IRDM. BB&T Securities LLC increased its position in shares of Iridium Communications by 9.1% during the 2nd quarter. BB&T Securities LLC now owns 92,783 shares of the technology company’s stock worth $1,025,000 after purchasing an additional 7,773 shares in the last quarter. Pinnacle Associates Ltd. grew its holdings in Iridium Communications by 16.8% during the 2nd quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock worth $35,024,000 after acquiring an additional 455,585 shares during the last quarter. Vanguard Group Inc. grew its holdings in Iridium Communications by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after acquiring an additional 457,168 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its holdings in Iridium Communications by 49.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 27,560 shares of the technology company’s stock worth $305,000 after acquiring an additional 9,180 shares during the last quarter. Finally, 361 Capital LLC bought a new stake in Iridium Communications during the 2nd quarter worth about $366,000.
Iridium Communications Inc (IRDM) traded down $0.20 during mid-day trading on Monday, reaching $12.35. 904,254 shares of the company’s stock were exchanged, compared to its average volume of 912,721. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.67 and a current ratio of 2.78. Iridium Communications Inc has a 1 year low of $7.80 and a 1 year high of $12.90. The company has a market capitalization of $1,229.54, a PE ratio of 13.64, a price-to-earnings-growth ratio of 3.01 and a beta of 1.75.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.05. The company had revenue of $116.55 million during the quarter, compared to analysts’ expectations of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. Iridium Communications’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.26 earnings per share. research analysts expect that Iridium Communications Inc will post 0.83 EPS for the current fiscal year.
IRDM has been the topic of several recent research reports. Zacks Investment Research lowered shares of Iridium Communications from a “hold” rating to a “sell” rating in a research note on Saturday, October 28th. TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, October 27th. Wells Fargo & Company lifted their price objective on shares of Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research note on Friday, October 27th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Finally, Drexel Hamilton restated a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $12.33.
In related news, Director A B. Krongard purchased 45,750 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was acquired at an average price of $10.89 per share, with a total value of $498,217.50. Following the completion of the purchase, the director now directly owns 149,788 shares in the company, valued at $1,631,191.32. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.40% of the stock is owned by insiders.
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Iridium Communications Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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