Retirement Systems of Alabama Has $12.62 Million Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Retirement Systems of Alabama trimmed its position in Iridium Communications Inc. (NASDAQ:IRDM) by 0.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 306,516 shares of the technology company’s stock after selling 1,024 shares during the quarter. Retirement Systems of Alabama owned approximately 0.25% of Iridium Communications worth $12,616,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in IRDM. Allspring Global Investments Holdings LLC acquired a new position in Iridium Communications during the fourth quarter valued at $41,000. Covestor Ltd grew its position in Iridium Communications by 83.2% during the third quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock valued at $46,000 after purchasing an additional 457 shares in the last quarter. Headlands Technologies LLC acquired a new position in Iridium Communications in the 4th quarter valued at approximately $60,000. ORG Partners LLC lifted its position in Iridium Communications by 20.6% in the 4th quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock worth $132,000 after buying an additional 550 shares in the last quarter. Finally, Malaga Cove Capital LLC acquired a new stake in shares of Iridium Communications during the 3rd quarter valued at $234,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Barclays upped their price target on shares of Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Raymond James reduced 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. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. William Blair cut shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Finally, BWS Financial restated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday, April 22nd. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $44.75.

Iridium Communications Trading Up 1.7 %

Shares of IRDM stock opened at $31.32 on Thursday. The business’s 50 day moving average is $27.37 and its two-hundred day moving average is $34.13. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $65.69. The company has a market cap of $3.80 billion, a PE ratio of 149.14 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The business had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. During the same period last year, the business posted $0.08 EPS. Iridium Communications’s revenue was down .7% compared to the same quarter last year. Equities analysts predict that Iridium Communications Inc. will post 0.73 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently announced 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. The ex-dividend date was Thursday, March 14th. This represents a $0.52 annualized dividend and a yield of 1.66%. Iridium Communications’s payout ratio is 247.62%.

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.