Alaska Permanent Fund Corp Increases Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Alaska Permanent Fund Corp boosted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 1.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 73,135 shares of the technology company’s stock after buying an additional 958 shares during the quarter. Alaska Permanent Fund Corp owned approximately 0.06% of Iridium Communications worth $3,010,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bamco Inc. NY raised its holdings in Iridium Communications by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 14,583,317 shares of the technology company’s stock valued at $663,395,000 after buying an additional 58,818 shares during the last quarter. ARK Investment Management LLC raised its holdings in Iridium Communications by 12.9% in the 4th quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock worth $89,480,000 after purchasing an additional 249,185 shares in the last quarter. Clearbridge Investments LLC raised its holdings in Iridium Communications by 5.1% in the 3rd quarter. Clearbridge Investments LLC now owns 2,169,539 shares of the technology company’s stock worth $98,692,000 after purchasing an additional 105,454 shares in the last quarter. Van Berkom & Associates Inc. raised its holdings in Iridium Communications by 57.5% in the 3rd quarter. Van Berkom & Associates Inc. now owns 2,059,088 shares of the technology company’s stock worth $93,668,000 after purchasing an additional 751,595 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Iridium Communications by 44.9% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock worth $71,762,000 after purchasing an additional 539,909 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Price Performance

Shares of Iridium Communications stock traded up $0.54 on Wednesday, hitting $29.28. 1,908,900 shares of the company traded hands, compared to its average volume of 1,137,111. The stock has a market capitalization of $3.56 billion, a P/E ratio of 139.43 and a beta of 0.85. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $66.15. The business has a 50-day simple moving average of $27.41 and a 200 day simple moving average of $34.57.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The firm had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same period last year, the firm posted $0.08 earnings per share. Iridium Communications’s revenue for the quarter was down .7% compared to the same quarter last year. Research analysts expect that Iridium Communications Inc. will post 0.74 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date was Thursday, March 14th. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Raymond James decreased their price target on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Barclays cut their price objective on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Finally, BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.25.

Iridium Communications Company 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.