Illinois Municipal Retirement Fund Takes Position in Iridium Communications Inc $IRDM

Illinois Municipal Retirement Fund purchased a new position in Iridium Communications Inc (NASDAQ:IRDM) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 51,592 shares of the technology company’s stock, valued at approximately $1,431,000.

Several other hedge funds have also recently made changes to their positions in the stock. Quadrant Capital Group LLC boosted its holdings in Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after purchasing an additional 741 shares during the last quarter. Larson Financial Group LLC raised its stake 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 during the last quarter. Kestra Advisory Services LLC purchased a new stake in Iridium Communications during the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Iridium Communications during the 3rd quarter valued at $32,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Iridium Communications by 10,363.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock valued at $35,000 after buying an additional 1,969 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Trading Up 1.8%

Shares of Iridium Communications stock opened at $47.24 on Wednesday. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $57.18. The company’s fifty day simple moving average is $47.77 and its 200-day simple moving average is $34.37. 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 has a market capitalization of $4.99 billion, a PE ratio of 47.72, a P/E/G ratio of 2.84 and a beta of 0.87.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The company had revenue of $219.06 million during the quarter, compared to analysts’ expectations of $218.39 million. During the same quarter last year, the company earned $0.27 earnings per share. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. As a group, equities analysts anticipate that Iridium Communications Inc will post 1.02 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.15 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Iridium Communications’s dividend payout ratio is presently 60.61%.

Analyst Ratings Changes

IRDM has been the subject of several research analyst reports. Barclays lifted their price objective on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. 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. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. Finally, Morgan Stanley upped their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $38.67.

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.