Public Employees Retirement System of Ohio Lowers Stock Position in Iridium Communications Inc $IRDM

Public Employees Retirement System of Ohio reduced its position in Iridium Communications Inc (NASDAQ:IRDM) by 13.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,195 shares of the technology company’s stock after selling 5,037 shares during the period. Public Employees Retirement System of Ohio’s holdings in Iridium Communications were worth $941,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRDM. SVB Wealth LLC purchased a new stake in Iridium Communications in the 1st quarter valued at approximately $30,000. UMB Bank n.a. increased its stake in Iridium Communications by 129.8% in the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company’s stock valued at $38,000 after purchasing an additional 779 shares during the last quarter. Cooksen Wealth LLC purchased a new position in Iridium Communications during the first quarter worth about $47,000. SBI Securities Co. Ltd. boosted its stake in Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock worth $48,000 after buying an additional 476 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in Iridium Communications in the 1st quarter worth about $72,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of research analyst reports. BWS Financial downgraded shares of Iridium Communications from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $25.00 to $16.00 in a research note on Tuesday, September 9th. Morgan Stanley lowered their target price on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, August 1st. Raymond James Financial lowered shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and dropped their price target for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. Barclays decreased their price target on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Iridium Communications in a research note on Saturday, September 27th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Iridium Communications presently has an average rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications Trading Up 0.6%

NASDAQ:IRDM opened at $18.76 on Friday. The company has a market cap of $1.99 billion, a PE ratio of 18.95, a P/E/G ratio of 0.69 and a beta of 0.70. The business’s 50 day moving average is $22.06 and its two-hundred day moving average is $25.39. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. Iridium Communications Inc has a 52 week low of $17.08 and a 52 week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $216.91 million during the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.Iridium Communications’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.27 EPS. On average, analysts predict that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, September 15th. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.14. Iridium Communications’s payout ratio is 60.61%.

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.