State of Wyoming Acquires Shares of 11,088 Iridium Communications Inc $IRDM

State of Wyoming bought a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, HoldingsChannel reports. The firm bought 11,088 shares of the technology company’s stock, valued at approximately $608,000.

Several other hedge funds also recently made changes to their positions in IRDM. Quadrant Capital Group LLC increased its holdings in shares of Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after acquiring an additional 741 shares during the last quarter. Larson Financial Group LLC lifted its stake in 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 purchasing an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Iridium Communications during the fourth quarter worth $27,000. CIBC Private Wealth Group LLC acquired a new position in Iridium Communications in the third quarter worth $32,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Iridium Communications by 10,363.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock worth $35,000 after purchasing an additional 1,969 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of IRDM opened at $50.20 on Monday. The company has a market cap of $5.32 billion, a P/E ratio of 57.05, a PEG ratio of 4.05 and a beta of 0.88. The stock has a fifty day moving average price of $47.96 and a 200 day moving average price of $38.02. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $57.18.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.19). The company had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.Iridium Communications’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 earnings per share. On average, research analysts forecast that Iridium Communications Inc will post 0.95 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s dividend payout ratio (DPR) is 68.18%.

Wall Street Analysts Forecast Growth

IRDM has been the topic of a number of research reports. William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Oppenheimer raised their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Finally, Morgan Stanley increased their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $38.67.

Iridium Communications 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.