Mutual of America Capital Management LLC Decreases Holdings in Iridium Communications Inc $IRDM

Mutual of America Capital Management LLC trimmed its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 4.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 53,790 shares of the technology company’s stock after selling 2,229 shares during the period. Mutual of America Capital Management LLC’s holdings in Iridium Communications were worth $1,623,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in IRDM. GAMMA Investing LLC boosted its position in Iridium Communications by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company’s stock worth $108,000 after purchasing an additional 488 shares during the period. Janney Montgomery Scott LLC boosted its position in Iridium Communications by 85.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 26,627 shares of the technology company’s stock worth $727,000 after purchasing an additional 12,297 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in Iridium Communications during the 1st quarter worth $247,000. Sumitomo Mitsui Trust Group Inc. boosted its position in Iridium Communications by 37.6% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company’s stock worth $106,361,000 after purchasing an additional 1,064,093 shares during the period. Finally, New York State Teachers Retirement System boosted its position in Iridium Communications by 1.7% during the 1st quarter. New York State Teachers Retirement System now owns 115,054 shares of the technology company’s stock worth $3,143,000 after purchasing an additional 1,976 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $18.14 on Monday. The firm has a market cap of $1.90 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 0.65 and a beta of 0.70. The firm’s 50-day simple moving average is $20.39 and its 200-day simple moving average is $24.60. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67. 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 earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. The business had revenue of $226.94 million for the quarter, compared to analyst estimates of $222.13 million. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.21 EPS. Equities analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal 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.