Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 16,674 Shares of Iridium Communications Inc $IRDM

Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 9.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 161,046 shares of the technology company’s stock after selling 16,674 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned about 0.15% of Iridium Communications worth $4,467,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of IRDM. Quadrant Capital Group LLC grew its position in Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after acquiring an additional 741 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after purchasing an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Iridium Communications in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in Iridium Communications during the 3rd quarter worth approximately $32,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Iridium Communications by 10,363.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock worth $35,000 after buying an additional 1,969 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays boosted their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. New Street Research initiated coverage on shares of Iridium Communications in a research note on Thursday, May 14th. They issued a “neutral” rating and a $40.00 price objective on the stock. BWS Financial restated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Finally, Oppenheimer upped their price target on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $38.67.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $48.67 on Thursday. The company has a fifty day moving average of $47.36 and a 200-day moving average of $33.55. The firm has a market capitalization of $5.15 billion, a P/E ratio of 49.16, a P/E/G ratio of 2.91 and a beta of 0.87. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). The company had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The firm’s revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.27 earnings per share. As a group, sell-side analysts anticipate that Iridium Communications Inc will post 1.05 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, June 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. Iridium Communications’s dividend payout ratio is currently 60.61%.

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.