Riggs Asset Managment Co. Inc. cut its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 9.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,549 shares of the technology company's stock after selling 5,529 shares during the period. Riggs Asset Managment Co. Inc.'s holdings in Iridium Communications were worth $2,287,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of IRDM. Rhumbline Advisers grew its position in shares of Iridium Communications by 1.1% during the first quarter. Rhumbline Advisers now owns 359,276 shares of the technology company's stock worth $14,486,000 after acquiring an additional 3,957 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Iridium Communications by 0.5% during the first quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company's stock worth $634,635,000 after purchasing an additional 71,031 shares during the period. Great West Life Assurance Co. Can lifted its holdings in shares of Iridium Communications by 7.4% during the first quarter. Great West Life Assurance Co. Can now owns 70,873 shares of the technology company's stock worth $2,934,000 after purchasing an additional 4,877 shares during the period. Yousif Capital Management LLC lifted its holdings in Iridium Communications by 3.5% in the first quarter. Yousif Capital Management LLC now owns 69,722 shares of the technology company's stock valued at $2,811,000 after acquiring an additional 2,353 shares during the period. Finally, Raymond James Trust N.A. lifted its holdings in Iridium Communications by 16.6% in the first quarter. Raymond James Trust N.A. now owns 9,943 shares of the technology company's stock valued at $401,000 after acquiring an additional 1,417 shares during the period. 83.82% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Trading Down 1.3 %

Iridium Communications stock opened at $59.65 on Monday. The stock has a market cap of $7.49 billion, a PE ratio of 1,491.62 and a beta of 1.14. The stock has a 50-day moving average price of $54.89 and a 200 day moving average price of $49.67. Iridium Communications Inc. has a 52 week low of $31.73 and a 52 week high of $62.48. The company has a current ratio of 2.82, a quick ratio of 2.52 and a debt-to-equity ratio of 1.37.

Iridium Communications Announces Dividend

Wall Street Analysts Forecast Growth

IRDM has been the subject of a number of recent analyst reports. BWS Financial raised their target price on Iridium Communications from $60.00 to $75.00 and gave the company a "buy" rating in a report on Monday, January 9th. Morgan Stanley lifted their price target on Iridium Communications from $50.00 to $64.00 and gave the stock an "overweight" rating in a research note on Monday, October 17th. Raymond James lifted their price target on Iridium Communications from $51.00 to $60.00 and gave the stock a "strong-buy" rating in a research note on Friday, October 21st. StockNews.com raised Iridium Communications from a "hold" rating to a "buy" rating in a research note on Monday, December 26th. Finally, Barclays downgraded Iridium Communications from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $48.00 to $45.00 in a research note on Wednesday, October 19th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $61.00.

Insider Buying and Selling

In related news, CEO Matthew J. Desch sold 22,433 shares of Iridium Communications stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $54.30, for a total transaction of $1,218,111.90. Following the completion of the sale, the chief executive officer now owns 604,299 shares in the company, valued at approximately $32,813,435.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Iridium Communications news, CEO Matthew J. Desch sold 22,433 shares of Iridium Communications stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $54.30, for a total value of $1,218,111.90. Following the completion of the sale, the chief executive officer now owns 604,299 shares in the company, valued at approximately $32,813,435.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Desch sold 2,800 shares of Iridium Communications stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $59.99, for a total value of $167,972.00. Following the completion of the sale, the chief executive officer now owns 592,291 shares of the company's stock, valued at approximately $35,531,537.09. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,964 shares of company stock worth $3,104,305. 2.50% of the stock is owned by corporate insiders.

About Iridium Communications

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.

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