Teachers Retirement System of The State of Kentucky Lowers Position in Iridium Communications Inc $IRDM

Teachers Retirement System of The State of Kentucky lessened its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 39.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 24,521 shares of the technology company’s stock after selling 15,786 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Iridium Communications were worth $426,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. increased its position in Iridium Communications by 184.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after buying an additional 977 shares in the last quarter. Larson Financial Group LLC increased its position in Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after buying an additional 1,202 shares in the last quarter. CIBC Private Wealth Group LLC bought a new position in Iridium Communications during the 3rd quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd bought a new position in Iridium Communications during the 3rd quarter valued at approximately $46,000. Finally, Advisory Services Network LLC bought a new position in Iridium Communications during the 3rd quarter valued at approximately $48,000. Institutional investors own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on IRDM. Weiss Ratings raised Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 10th. Morgan Stanley lifted their target price on Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 18th. Barclays lifted their target price on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Raymond James Financial reissued a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Finally, BWS Financial reissued a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $27.60.

Iridium Communications Stock Performance

IRDM stock opened at $39.44 on Friday. The company has a market cap of $4.17 billion, a P/E ratio of 39.84, a price-to-earnings-growth ratio of 2.63 and a beta of 0.48. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $44.36. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21. The stock’s fifty day moving average price is $30.41 and its 200-day moving average price is $22.63.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). The firm had revenue of $219.06 million during the quarter, compared to analysts’ expectations of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the business earned $0.27 earnings per share. On average, equities analysts forecast that Iridium Communications Inc will post 1.06 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, March 16th. Iridium Communications’s payout ratio is presently 60.61%.

Insiders Place Their Bets

In other Iridium Communications news, CAO Timothy Kapalka sold 2,043 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $33.00, for a total transaction of $67,419.00. Following the sale, the chief accounting officer directly owned 45,721 shares of the company’s stock, valued at $1,508,793. The trade was a 4.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by insiders.

Iridium Communications Company 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.