State of Wyoming Makes New $608,000 Investment in Iridium Communications Inc $IRDM

State of Wyoming acquired a new position in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 11,088 shares of the technology company’s stock, valued at approximately $608,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Quadrant Capital Group LLC raised its holdings in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after buying an additional 741 shares during the period. Larson Financial Group LLC boosted its holdings in Iridium Communications by 392.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after acquiring an additional 1,202 shares during the period. Kestra Advisory Services LLC purchased a new position in Iridium Communications in the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in Iridium Communications in the third quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Iridium Communications by 10,363.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock valued at $35,000 after acquiring an additional 1,969 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

Iridium Communications stock opened at $50.20 on Monday. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week 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 stock has a market cap of $5.32 billion, a P/E ratio of 57.05, a price-to-earnings-growth ratio of 4.05 and a beta of 0.88. The stock has a 50 day moving average of $47.96 and a 200-day moving average of $38.02.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The company had revenue of $225.24 million during the quarter, compared to the consensus estimate of $220.32 million. During the same quarter last year, the firm posted $0.20 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts expect that Iridium Communications Inc will post 0.95 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. Iridium Communications’s payout ratio is presently 68.18%.

Analyst Ratings Changes

A number of research firms have recently commented on IRDM. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Morgan Stanley lifted their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Finally, BWS Financial reiterated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.67.

About Iridium Communications

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.