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 reduced its position in Iridium Communications Inc (NASDAQ:IRDM) by 9.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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’s holdings in Iridium Communications were worth $4,467,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of IRDM. Quadrant Capital Group LLC lifted its stake in shares of Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares in the last quarter. Larson Financial Group LLC increased its position 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 acquiring an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications in the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Iridium Communications in the 3rd quarter worth about $32,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake 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 valued at $35,000 after purchasing an additional 1,969 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on IRDM shares. Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. Oppenheimer upped their price target on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Raymond James Financial reiterated a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Barclays increased their price target on Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Finally, BWS Financial reissued a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research report on Monday, April 27th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Iridium Communications 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 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. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21. The business has a fifty day simple moving average of $47.36 and a two-hundred day simple moving average of $33.55.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.07). The business had revenue of $219.06 million during 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 quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the business posted $0.27 earnings per share. On average, analysts expect that Iridium Communications Inc will post 1.05 earnings per share for the current year.

Iridium Communications Dividend Announcement

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