State of New Jersey Common Pension Fund D Acquires 3,391 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

State of New Jersey Common Pension Fund D lifted its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 5.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,504 shares of the technology company’s stock after acquiring an additional 3,391 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of Iridium Communications worth $2,861,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Bamco Inc. NY boosted its stake in shares of Iridium Communications by 0.4% in the third quarter. Bamco Inc. NY now owns 14,583,317 shares of the technology company’s stock worth $663,395,000 after acquiring an additional 58,818 shares during the period. ARK Investment Management LLC boosted its stake in shares of Iridium Communications by 12.9% in the fourth quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock worth $89,480,000 after acquiring an additional 249,185 shares during the period. Clearbridge Investments LLC boosted its stake in Iridium Communications by 5.1% during the third quarter. Clearbridge Investments LLC now owns 2,169,539 shares of the technology company’s stock valued at $98,692,000 after buying an additional 105,454 shares during the last quarter. Van Berkom & Associates Inc. grew its holdings in Iridium Communications by 57.5% during the 3rd quarter. Van Berkom & Associates Inc. now owns 2,059,088 shares of the technology company’s stock valued at $93,668,000 after buying an additional 751,595 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Iridium Communications by 44.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after buying an additional 539,909 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $31.37 on Monday. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 149.38 and a beta of 0.85. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The stock has a 50 day moving average price of $27.30 and a 200-day moving average price of $34.28. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $65.69.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.08 EPS. Equities analysts expect that Iridium Communications Inc. will post 0.73 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio is currently 247.62%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Raymond James cut their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. BWS Financial restated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, April 22nd. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Finally, Barclays raised their price target on Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a report on Friday. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.75.

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.