Mason Street Advisors LLC Raises Stock Holdings in Iridium Communications Inc (NASDAQ:IRDM)

Mason Street Advisors LLC lifted its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 2.5% in the third quarter, HoldingsChannel.com reports. The fund owned 32,871 shares of the technology company’s stock after acquiring an additional 792 shares during the period. Mason Street Advisors LLC’s holdings in Iridium Communications were worth $699,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of IRDM. Executive Wealth Management LLC increased its position in shares of Iridium Communications by 378.7% during the second quarter. Executive Wealth Management LLC now owns 1,795 shares of the technology company’s stock valued at $42,000 after acquiring an additional 1,420 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Iridium Communications during the second quarter valued at approximately $43,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Iridium Communications during the third quarter valued at approximately $55,000. Strs Ohio increased its position in shares of Iridium Communications by 42.9% during the second quarter. Strs Ohio now owns 3,000 shares of the technology company’s stock valued at $69,000 after acquiring an additional 900 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of Iridium Communications during the second quarter valued at approximately $103,000. 76.60% of the stock is owned by institutional investors.

In other news, EVP Bryan J. Hartin sold 112,816 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $25.37, for a total value of $2,862,141.92. Following the completion of the transaction, the executive vice president now directly owns 146,733 shares of the company’s stock, valued at $3,722,616.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy Kapalka sold 25,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $25.80, for a total value of $645,000.00. Following the completion of the transaction, the vice president now directly owns 47,138 shares of the company’s stock, valued at $1,216,160.40. The disclosure for this sale can be found here. Insiders sold 146,677 shares of company stock valued at $3,724,059 over the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Shares of NASDAQ IRDM opened at $25.80 on Thursday. The stock has a fifty day simple moving average of $23.72 and a two-hundred day simple moving average of $23.74. Iridium Communications Inc has a 1-year low of $16.64 and a 1-year high of $28.24. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -184.29 and a beta of 2.08. The company has a current ratio of 0.91, a quick ratio of 0.79 and a debt-to-equity ratio of 1.05.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, October 29th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Iridium Communications had a negative net margin of 11.15% and a negative return on equity of 3.91%. The firm had revenue of $144.80 million for the quarter, compared to the consensus estimate of $142.05 million. During the same period last year, the company posted ($0.13) earnings per share. Iridium Communications’s revenue for the quarter was up 5.8% on a year-over-year basis. Analysts forecast that Iridium Communications Inc will post -0.56 EPS for the current year.

Several equities analysts have weighed in on the company. BWS Financial set a $33.00 price objective on Iridium Communications and gave the company a “buy” rating in a report on Tuesday, September 17th. Sidoti raised Iridium Communications from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Wednesday, October 9th. ValuEngine lowered Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, October 7th. Barclays reissued a “buy” rating and set a $32.00 price objective on shares of Iridium Communications in a report on Thursday, October 31st. Finally, BidaskClub lowered Iridium Communications from a “hold” rating to a “sell” rating in a report on Saturday, November 16th. Three research analysts have rated the stock with a sell rating and five have given a buy rating to the company. Iridium Communications has an average rating of “Hold” and an average target price of $27.17.

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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