Russell Investments Group Ltd. Purchases 158,230 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Russell Investments Group Ltd. boosted its position in Iridium Communications Inc. (NASDAQ:IRDM) by 304.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 210,207 shares of the technology company’s stock after acquiring an additional 158,230 shares during the period. Russell Investments Group Ltd.’s holdings in Iridium Communications were worth $8,652,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its holdings in shares of Iridium Communications by 25.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 8,034 shares of the technology company’s stock worth $365,000 after acquiring an additional 1,622 shares during the last quarter. New York State Teachers Retirement System increased its holdings in Iridium Communications by 2.8% during the 3rd quarter. New York State Teachers Retirement System now owns 118,041 shares of the technology company’s stock worth $5,370,000 after purchasing an additional 3,215 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Iridium Communications by 18.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,177 shares of the technology company’s stock worth $1,009,000 after purchasing an additional 3,494 shares during the last quarter. Inspire Investing LLC lifted its holdings in shares of Iridium Communications by 28.8% in the third quarter. Inspire Investing LLC now owns 7,454 shares of the technology company’s stock valued at $339,000 after purchasing an additional 1,668 shares in the last quarter. Finally, Skylands Capital LLC purchased a new position in shares of Iridium Communications during the third quarter valued at approximately $2,434,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Up 0.5 %

IRDM stock opened at $30.47 on Tuesday. The stock has a fifty day moving average of $27.52 and a 200-day moving average of $33.80. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $65.12. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 145.10 and a beta of 0.78. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33.

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on IRDM. Barclays raised their price objective on Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Raymond James cut their price target on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. BWS Financial restated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, April 22nd. Finally, TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Iridium Communications has an average rating of “Moderate Buy” and an average price target of $44.75.

Iridium Communications Company 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.