Alberta Investment Management Corp Acquires Shares of 96,160 Iridium Communications Inc. (NASDAQ:IRDM)

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

A number of other large investors have also recently modified their holdings of the business. Fifth Third Bancorp raised its holdings 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 buying an additional 357 shares in the last quarter. State of Alaska Department of Revenue grew its position in Iridium Communications by 2.8% in the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock valued at $418,000 after acquiring an additional 375 shares during the last quarter. Ballentine Partners LLC raised its stake in Iridium Communications by 6.8% during the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock worth $340,000 after acquiring an additional 750 shares in the last quarter. KBC Group NV raised its stake in Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after acquiring an additional 781 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Iridium Communications by 1.1% in the fourth 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 acquiring an additional 866 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

Iridium Communications Trading Down 1.7 %

NASDAQ IRDM opened at $32.12 on Friday. The company has a market cap of $3.50 billion, a price-to-earnings ratio of 33.81 and a beta of 0.65. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $35.85. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The business’s fifty day moving average is $29.30 and its 200 day moving average is $28.95.

Iridium Communications (NASDAQ:IRDM) last posted its 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 firm had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. As a group, sell-side analysts expect that Iridium Communications Inc. will post 0.91 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

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

Iridium Communications Company 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.