New York State Common Retirement Fund reduced its holdings in Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 1.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 85,200 shares of the technology company's stock after selling 990 shares during the period. New York State Common Retirement Fund owned 0.07% of Iridium Communications worth $3,435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRDM. Byrne Asset Management LLC acquired a new stake in Iridium Communications in the 4th quarter valued at $29,000. CWM LLC increased its stake in Iridium Communications by 95.0% in the 1st quarter. CWM LLC now owns 739 shares of the technology company's stock valued at $30,000 after buying an additional 360 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Iridium Communications by 82.9% during the 4th quarter. Fifth Third Bancorp now owns 1,101 shares of the technology company's stock worth $45,000 after purchasing an additional 499 shares during the last quarter. Vienna Asset Management LLC acquired a new position in shares of Iridium Communications during the 4th quarter worth about $169,000. Finally, Comprehensive Financial Consultants Institutional Inc. acquired a new position in shares of Iridium Communications during the 4th quarter worth about $203,000. 97.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Kathleen A. Morgan sold 3,000 shares of Iridium Communications stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $44.00, for a total transaction of $132,000.00. Following the completion of the sale, the insider now owns 49,399 shares of the company's stock, valued at approximately $2,173,556. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Iridium Communications news, Director Barry West sold 3,002 shares of the business's stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $44.03, for a total value of $132,178.06. Following the completion of the sale, the director now owns 44,423 shares of the company's stock, valued at approximately $1,955,944.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathleen A. Morgan sold 3,000 shares of the business's stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $44.00, for a total transaction of $132,000.00. Following the completion of the sale, the insider now directly owns 49,399 shares of the company's stock, valued at approximately $2,173,556. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,801 shares of company stock valued at $2,240,833. Company insiders own 2.50% of the company's stock.

Iridium Communications Stock Performance

Iridium Communications (NASDAQ:IRDM – Get Rating) last announced its earnings results on Tuesday, July 26th. The technology company reported $0.04 EPS for the quarter. The business had revenue of $174.90 million during the quarter, compared to the consensus estimate of $166.46 million. Iridium Communications had a negative net margin of 0.09% and a negative return on equity of 0.05%. Iridium Communications's revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, equities analysts forecast that Iridium Communications Inc. will post 0.09 earnings per share for the current fiscal year.

Iridium Communications announced that its Board of Directors has authorized a share buyback program on Tuesday, April 19th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the technology company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a research note on Tuesday, May 24th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $50.00.

Iridium Communications Company Profile

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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.

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