Iridium Communications Inc $IRDM Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its stake in Iridium Communications Inc (NASDAQ:IRDM) by 48.9% in the third quarter, Holdings Channel reports. The fund owned 17,801 shares of the technology company’s stock after selling 17,017 shares during the quarter. State of Alaska Department of Revenue’s holdings in Iridium Communications were worth $852,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CoreCap Advisors LLC grew its position in Iridium Communications by 69.0% in the third quarter. CoreCap Advisors LLC now owns 1,021 shares of the technology company’s stock valued at $49,000 after acquiring an additional 417 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of Iridium Communications by 5.1% during the second quarter. QRG Capital Management Inc. now owns 9,045 shares of the technology company’s stock valued at $496,000 after purchasing an additional 436 shares during the period. GAMMA Investing LLC lifted its position in shares of Iridium Communications by 19.4% during the second quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock worth $166,000 after purchasing an additional 491 shares in the last quarter. Cim Investment Management Inc. lifted its position in shares of Iridium Communications by 7.3% during the second quarter. Cim Investment Management Inc. now owns 10,766 shares of the technology company’s stock worth $591,000 after purchasing an additional 728 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its position in shares of Iridium Communications by 5.3% during the first quarter. Pictet Asset Management Holding SA now owns 14,971 shares of the technology company’s stock worth $415,000 after purchasing an additional 753 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Morgan Stanley boosted their price objective on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a report on Tuesday, October 6th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Iridium Communications has a consensus rating of “Hold” and an average price target of $41.20.

Insider Activity

In other Iridium Communications news, EVP Timothy Last sold 5,769 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $46.35, for a total transaction of $267,393.15. Following the sale, the executive vice president directly owned 84,130 shares of the company’s stock, valued at approximately $3,899,425.50. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Fitzpatrick sold 15,046 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $49.20, for a total transaction of $740,263.20. Following the completion of the transaction, the director owned 43,260 shares in the company, valued at approximately $2,128,392. The trade was a 25.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 381,688 shares of company stock valued at $19,146,390 over the last quarter. 2.70% of the stock is owned by company insiders.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $44.25 on Thursday. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $57.18. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of 29.30, a price-to-earnings-growth ratio of 3.55 and a beta of 0.84. The business has a 50 day simple moving average of $47.45 and a 200-day simple moving average of $45.94.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, October 20th. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.64. Iridium Communications had a return on equity of 23.33% and a net margin of 18.06%. The business had revenue of $245.73 million for the quarter, compared to analyst estimates of $236.30 million. During the same period in the prior year, the company posted $0.35 EPS. As a group, equities research analysts expect that Iridium Communications Inc will post 0.95 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Iridium Communications’s payout ratio is presently 68.18%.

About Iridium Communications

Iridium Communications Inc provides global satellite communications services through the Iridium satellite network. The company offers voice and data connectivity for customers in remote and difficult-to-reach locations, supporting applications in maritime, aviation, government, emergency services, transportation, industrial, and recreational markets.

Its product portfolio includes satellite phones, broadband services, specialized voice and data terminals, and Internet of Things connectivity for tracking, monitoring, and machine-to-machine communications.