New York State Common Retirement Fund Has $3.22 Million Stake in Iridium Communications Inc. (NASDAQ:IRDM)

New York State Common Retirement Fund cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 35.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,300 shares of the technology company’s stock after selling 43,822 shares during the period. New York State Common Retirement Fund owned approximately 0.06% of Iridium Communications worth $3,223,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in shares of Iridium Communications in the 4th quarter worth $41,000. Covestor Ltd lifted its stake in shares of Iridium Communications by 83.2% in the third quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock valued at $46,000 after buying an additional 457 shares in the last quarter. ORG Partners LLC grew its holdings in shares of Iridium Communications by 20.6% during the fourth quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock valued at $132,000 after buying an additional 550 shares during the last quarter. Malaga Cove Capital LLC bought a new stake in shares of Iridium Communications during the third quarter worth about $234,000. Finally, Aigen Investment Management LP bought a new position in Iridium Communications in the 3rd quarter valued at about $254,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on IRDM. Barclays boosted their price objective on Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. BWS Financial restated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, April 22nd. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Finally, Raymond James reduced their target price on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $30.47 on Tuesday. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86. The stock has a fifty day simple moving average of $27.52 and a two-hundred day simple moving average of $33.80. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $65.12. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 145.10 and a beta of 0.78.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. The company had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 EPS. Analysts anticipate that Iridium Communications Inc. will post 0.73 earnings per share for the current year.

About Iridium Communications

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.