New York State Teachers Retirement System Cuts Stake in Iridium Communications Inc $IRDM

New York State Teachers Retirement System reduced its stake in Iridium Communications Inc (NASDAQ:IRDM) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 114,354 shares of the technology company’s stock after selling 700 shares during the period. New York State Teachers Retirement System owned approximately 0.11% of Iridium Communications worth $3,450,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. SVB Wealth LLC purchased a new stake in shares of Iridium Communications during the first quarter valued at $30,000. Cooksen Wealth LLC purchased a new stake in shares of Iridium Communications during the first quarter valued at $47,000. SBI Securities Co. Ltd. boosted its position in shares of Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after buying an additional 476 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Iridium Communications during the first quarter valued at $72,000. Finally, Carolina Wealth Advisors LLC purchased a new stake in shares of Iridium Communications during the second quarter valued at $76,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Trading Up 0.5%

Shares of NASDAQ:IRDM opened at $18.67 on Tuesday. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 0.68 and a beta of 0.70. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51. The stock’s 50-day simple moving average is $20.89 and its two-hundred day simple moving average is $24.73. Iridium Communications Inc has a 52-week low of $17.08 and a 52-week high of $34.45.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $216.91 million during the quarter, compared to analysts’ expectations of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.27 earnings per share. Analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. This is an increase from Iridium Communications’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Monday, September 15th. Iridium Communications’s dividend payout ratio is 60.61%.

Analyst Ratings Changes

IRDM has been the topic of several recent analyst reports. BWS Financial cut Iridium Communications from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $25.00 to $16.00 in a research report on Tuesday, September 9th. Morgan Stanley dropped their price objective on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, August 1st. Raymond James Financial cut Iridium Communications from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $39.00 to $26.00 in a research report on Thursday, September 11th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Iridium Communications in a research report on Wednesday, October 8th. Finally, Barclays dropped their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.67.

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.