96,160 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Purchased by Alberta Investment Management Corp

Alberta Investment Management Corp acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 96,160 shares of the technology company’s stock, valued at approximately $2,791,000. Alberta Investment Management Corp owned 0.08% of Iridium Communications as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of IRDM. Fifth Third Bancorp boosted its stake in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after acquiring an additional 357 shares during the period. State of Alaska Department of Revenue boosted its position in Iridium Communications by 2.8% during the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock worth $418,000 after purchasing an additional 375 shares during the period. Ballentine Partners LLC increased its holdings in shares of Iridium Communications by 6.8% in the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock valued at $340,000 after purchasing an additional 750 shares during the last quarter. KBC Group NV raised its position in shares of Iridium Communications by 25.9% in the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after purchasing an additional 781 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its stake in shares of Iridium Communications by 1.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock worth $2,230,000 after buying an additional 866 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by company insiders.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $32.12 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 33.81 and a beta of 0.65. The stock’s fifty day moving average price is $29.30 and its two-hundred day moving average price is $28.95. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. On average, equities analysts forecast that Iridium Communications Inc. will post 0.91 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a dividend yield of 1.74%. Iridium Communications’s dividend payout ratio is presently 58.95%.

Analyst Ratings Changes

Separately, Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock.

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.