Alaska Permanent Fund Corp Raises Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Alaska Permanent Fund Corp raised its position in Iridium Communications Inc. (NASDAQ:IRDM) by 1.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,135 shares of the technology company’s stock after buying an additional 958 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Iridium Communications were worth $3,010,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Duality Advisers LP increased its holdings in shares of Iridium Communications by 128.9% in the fourth quarter. Duality Advisers LP now owns 28,417 shares of the technology company’s stock valued at $1,170,000 after purchasing an additional 16,004 shares during the period. Institute for Wealth Management LLC. increased its holdings in shares of Iridium Communications by 23.7% in the fourth quarter. Institute for Wealth Management LLC. now owns 18,455 shares of the technology company’s stock valued at $760,000 after purchasing an additional 3,534 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Iridium Communications by 13.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,075 shares of the technology company’s stock valued at $1,032,000 after purchasing an additional 2,898 shares during the period. Cullen Investment Group LTD. acquired a new position in shares of Iridium Communications in the fourth quarter valued at approximately $1,548,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Iridium Communications by 44.9% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after purchasing an additional 539,909 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Iridium Communications stock traded up $0.54 during trading hours on Wednesday, hitting $29.28. The stock had a trading volume of 1,908,900 shares, compared to its average volume of 1,137,111. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of 139.43 and a beta of 0.85. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $66.15. The stock’s fifty day moving average is $27.41 and its two-hundred day moving average is $34.57.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. The company had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. Iridium Communications’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.08 earnings per share. As a group, analysts predict that Iridium Communications Inc. will post 0.74 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 1.78%. Iridium Communications’s dividend payout ratio is currently 247.62%.

Wall Street Analysts Forecast Growth

IRDM has been the topic of a number of recent research reports. BWS Financial reissued a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Monday. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. William Blair lowered Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Raymond James dropped their price objective on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. Finally, Barclays dropped their price objective on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.25.

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.