Iridium Communications Inc. (NASDAQ:IRDM) Stake Raised by Teacher Retirement System of Texas

Teacher Retirement System of Texas raised its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 369.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,562 shares of the technology company’s stock after acquiring an additional 54,747 shares during the quarter. Teacher Retirement System of Texas’ holdings in Iridium Communications were worth $2,019,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of Iridium Communications by 0.9% during the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after purchasing an additional 36,851 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in Iridium Communications by 12.8% in 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 in the last quarter. Nikko Asset Management Americas Inc. boosted 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 valued at $82,028,000 after buying an additional 329,915 shares during the period. ARK Investment Management LLC grew its holdings in shares of Iridium Communications by 5.7% during the 4th quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock valued at $72,774,000 after acquiring an additional 134,924 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings 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 valued at $37,659,000 after acquiring an additional 275,775 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Buying and Selling

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s 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 completion of the transaction, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by insiders.

Iridium Communications Price Performance

NASDAQ IRDM opened at $29.48 on Friday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $35.85. The stock’s 50-day moving average is $29.53 and its two-hundred day moving average is $29.43. The firm has a market cap of $3.21 billion, a P/E ratio of 31.03, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. On average, analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s payout ratio is 58.95%.

Analysts Set New Price Targets

A number of analysts recently issued reports 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. Barclays lowered their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Friday, March 21st.

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.