South Dakota Investment Council held its position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 148,200 shares of the technology company’s stock at the end of the 2nd quarter. South Dakota Investment Council owned 0.15% of Iridium Communications worth $1,638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. BB&T Securities LLC lifted its stake in Iridium Communications by 9.1% in the second quarter. BB&T Securities LLC now owns 92,783 shares of the technology company’s stock worth $1,025,000 after purchasing an additional 7,773 shares during the last quarter. Vanguard Group Inc. lifted its stake in Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after purchasing an additional 457,168 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in Iridium Communications by 16.8% in the second quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock worth $35,024,000 after purchasing an additional 455,585 shares during the last quarter. Karp Capital Management Corp bought a new stake in Iridium Communications in the first quarter worth $443,000. Finally, Jane Street Group LLC bought a new stake in Iridium Communications in the first quarter worth $483,000.

Several research firms have weighed in on IRDM. BidaskClub raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Drexel Hamilton reaffirmed a “buy” rating and set a $14.00 price objective on shares of Iridium Communications in a research note on Thursday, August 31st. TheStreet downgraded shares of Iridium Communications from a “b” rating to a “c+” rating in a research note on Thursday, August 17th. Finally, Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Monday, July 31st. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $13.00.

Iridium Communications Inc (NASDAQ IRDM) opened at 9.85 on Wednesday. The company has a market capitalization of $962.03 million, a P/E ratio of 10.53 and a beta of 1.72. The stock’s 50 day moving average is $10.32 and its 200 day moving average is $10.15. Iridium Communications Inc has a 52 week low of $7.03 and a 52 week high of $11.58.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The company had revenue of $111.60 million during the quarter, compared to analyst estimates of $109.18 million. During the same quarter last year, the business posted $0.22 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities research analysts expect that Iridium Communications Inc will post $0.80 earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: “South Dakota Investment Council Has $1,638,000 Stake in Iridium Communications Inc (IRDM)” was first published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this news story on another website, it was stolen and reposted in violation of US and international copyright & trademark laws. The correct version of this news story can be accessed at https://www.thecerbatgem.com/2017/09/13/south-dakota-investment-council-has-1638000-stake-in-iridium-communications-inc-irdm.html.

In related news, COO S. Scott Smith sold 135,000 shares of Iridium Communications stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the completion of the sale, the chief operating officer now owns 309,000 shares in the company, valued at approximately $3,247,590. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.40% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.

Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

Receive News & Stock Ratings for Iridium Communications Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications Inc and related stocks with our FREE daily email newsletter.