Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 8.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,090 shares of the technology company’s stock after selling 3,649 shares during the period. Public Employees Retirement System of Ohio’s holdings in Iridium Communications were worth $1,163,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Fifth Third Bancorp raised its holdings in shares of Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after purchasing an additional 357 shares during the period. Pinnacle Holdings LLC raised its holdings in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after purchasing an additional 477 shares during the period. Two Sigma Advisers LP raised its holdings in shares of Iridium Communications by 6.6% during the fourth quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock worth $235,000 after purchasing an additional 500 shares during the period. EntryPoint Capital LLC raised its holdings in shares of Iridium Communications by 4.1% during the fourth quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock worth $445,000 after purchasing an additional 600 shares during the period. Finally, Commonwealth Equity Services LLC raised its holdings in shares of Iridium Communications by 4.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock worth $553,000 after purchasing an additional 729 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Stock Up 1.9%

Iridium Communications stock opened at $25.87 on Tuesday. The company has a 50-day simple moving average of $25.00 and a 200-day simple moving average of $27.89. The firm has a market capitalization of $2.80 billion, a P/E ratio of 27.23, a P/E/G ratio of 1.28 and a beta of 0.74. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. Iridium Communications Inc. has a one year low of $19.91 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.05. The business had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same quarter in the prior year, the company posted $0.17 earnings per share. As a group, equities analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, June 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 52.83%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IRDM shares. Wall Street Zen cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. BWS Financial lowered their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Oppenheimer initiated coverage on shares of Iridium Communications in a research report on Monday, May 5th. They set an “outperform” rating and a $34.00 price target for the company. William Blair upgraded shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 22nd. Finally, Barclays lowered their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.25.

Iridium Communications Company 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.