South Dakota Investment Council bought a new stake in Iridium Communications Inc (NASDAQ:IRDM – Free Report) during the 1st quarter, Holdings Channel.com reports. The firm bought 41,500 shares of the technology company’s stock, valued at approximately $1,151,000.
Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Iridium Communications by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock worth $176,533,000 after purchasing an additional 677,258 shares in the last quarter. Silver Heights Capital Management Inc grew its position in Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock valued at $91,265,000 after purchasing an additional 61,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Iridium Communications by 130.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company’s stock valued at $7,044,000 after purchasing an additional 224,322 shares in the last quarter. Maxi Investments CY Ltd acquired a new stake in Iridium Communications in the 4th quarter valued at $7,369,000. Finally, Daiwa Securities Group Inc. increased its stake in Iridium Communications by 67.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 112,700 shares of the technology company’s stock valued at $1,959,000 after buying an additional 45,400 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.
Iridium Communications Stock Down 0.6%
Shares of IRDM stock opened at $47.34 on Friday. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $57.18. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of 53.80, a PEG ratio of 3.86 and a beta of 0.87. The firm’s 50-day moving average is $48.09 and its 200-day moving average is $35.84. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78.
Iridium Communications Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, June 15th. Iridium Communications’s payout ratio is currently 68.18%.
Analyst Ratings Changes
IRDM has been the topic of several analyst reports. Barclays boosted their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Morgan Stanley increased their price target on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. Finally, BWS Financial restated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Iridium Communications currently has an average rating of “Hold” and a consensus target price of $38.67.
View Our Latest Report on IRDM
Iridium Communications Company Profile
Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).
Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.
Featured Articles
- Five stocks we like better than Iridium Communications
- Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector
- Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case
- Apple’s Record Quarter Could Not Outrun Its Guidance Problem
- McKesson’s Compounding Keeps Adding Up
Want to see what other hedge funds are holding IRDM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iridium Communications Inc (NASDAQ:IRDM – Free Report).
Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.
