Iridium Communications Inc. (NASDAQ:IRDM) Shares Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama increased its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 0.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 306,925 shares of the technology company’s stock after purchasing an additional 409 shares during the period. Retirement Systems of Alabama’s holdings in Iridium Communications were worth $8,029,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of IRDM. Envestnet Asset Management Inc. lifted its stake in shares of Iridium Communications by 2.2% during the third quarter. Envestnet Asset Management Inc. now owns 93,194 shares of the technology company’s stock worth $4,239,000 after buying an additional 2,027 shares during the period. Qube Research & Technologies Ltd lifted its position in Iridium Communications by 403.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 72,897 shares of the technology company’s stock worth $3,316,000 after acquiring an additional 58,412 shares during the period. Penserra Capital Management LLC grew its stake in Iridium Communications by 15.1% during the 3rd quarter. Penserra Capital Management LLC now owns 41,314 shares of the technology company’s stock valued at $1,879,000 after purchasing an additional 5,434 shares during the last quarter. Tudor Investment Corp Et Al acquired a new position in shares of Iridium Communications in the third quarter valued at about $6,127,000. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Iridium Communications by 92.7% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 43,137 shares of the technology company’s stock worth $1,962,000 after purchasing an additional 20,752 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. BWS Financial reiterated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday, April 22nd. Barclays increased their price objective on shares of Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $44.75.

Iridium Communications Stock Performance

IRDM stock traded down $0.26 during trading on Friday, hitting $26.56. 445,636 shares of the company traded hands, compared to its average volume of 1,092,953. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $61.69. The stock’s 50-day simple moving average is $28.77 and its 200 day simple moving average is $30.99. The company has a market cap of $3.23 billion, a PE ratio of 127.71 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The firm had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same quarter in the previous year, the business earned $0.08 EPS. Iridium Communications’s revenue for the quarter was down .7% compared to the same quarter last year. On average, equities analysts expect that Iridium Communications Inc. will post 0.74 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.14 dividend. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.56 annualized dividend and a dividend yield of 2.11%. Iridium Communications’s dividend payout ratio (DPR) is 266.67%.

Iridium Communications 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.