State of New Jersey Common Pension Fund D Has $2.23 Million Position in Iridium Communications Inc $IRDM

State of New Jersey Common Pension Fund D increased its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 19.9% during the second quarter, Holdings Channel reports. The fund owned 73,774 shares of the technology company’s stock after acquiring an additional 12,224 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Iridium Communications were worth $2,226,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. ARK Investment Management LLC increased its holdings in shares of Iridium Communications by 9.0% during the 2nd quarter. ARK Investment Management LLC now owns 5,333,528 shares of the technology company’s stock worth $160,913,000 after acquiring an additional 441,851 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Iridium Communications by 10.9% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,315,763 shares of the technology company’s stock valued at $130,207,000 after buying an additional 422,618 shares in the last quarter. Nikko Asset Management Americas Inc. grew its holdings in 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 valued at $106,210,000 after buying an additional 1,061,465 shares in the last quarter. American Century Companies Inc. grew its holdings in 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 valued at $60,059,000 after buying an additional 462,501 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Iridium Communications by 13.7% during the 1st 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 during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Trading Down 3.5%

Shares of IRDM stock opened at $17.32 on Wednesday. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 0.80 and a beta of 0.70. The stock has a 50-day moving average of $20.13 and a 200-day moving average of $24.51. The company has a current ratio of 2.67, a quick ratio of 1.93 and a debt-to-equity ratio of 4.02. Iridium Communications Inc has a 1-year low of $17.08 and a 1-year high of $34.45.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.09. The company had revenue of $226.94 million during the quarter, compared to analysts’ expectations of $222.13 million. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 earnings per share. On average, equities research analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Analyst Ratings Changes

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

Iridium Communications 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.