Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 188,144 shares of the technology company’s stock after selling 7,702 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned approximately 0.17% of Iridium Communications worth $5,460,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in IRDM. Raymond James Financial Inc. acquired a new position in shares of Iridium Communications during the 4th quarter worth $17,613,000. Nikko Asset Management Americas Inc. raised its stake in shares of Iridium Communications by 13.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after buying an additional 329,915 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Iridium Communications by 12.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after buying an additional 320,506 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Iridium Communications by 27.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company’s stock worth $37,659,000 after buying an additional 275,775 shares during the last quarter. Finally, FMR LLC raised its stake in shares of Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after buying an additional 198,360 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Up 0.4 %

IRDM opened at $27.65 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 stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The business has a 50-day moving average of $29.40 and a two-hundred day moving average of $29.39. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted 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. The company had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. On average, research analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

Insider Buying and Selling at Iridium Communications

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Cantor Fitzgerald assumed coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Barclays dropped their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th.

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.