Retirement Systems of Alabama Has $12.62 Million Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Retirement Systems of Alabama reduced its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 0.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 306,516 shares of the technology company’s stock after selling 1,024 shares during the period. Retirement Systems of Alabama’s holdings in Iridium Communications were worth $12,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Van Berkom & Associates Inc. lifted its holdings in Iridium Communications by 57.5% during 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 during the last quarter. Pacer Advisors Inc. boosted its position in shares of Iridium Communications by 2,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock valued at $24,857,000 after acquiring an additional 583,896 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Iridium Communications by 44.9% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after acquiring an additional 539,909 shares in the last quarter. ARK Investment Management LLC increased its position in Iridium Communications by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock worth $89,480,000 after acquiring an additional 249,185 shares during the period. Finally, Northern Trust Corp raised its stake in Iridium Communications by 14.7% in the 3rd quarter. Northern Trust Corp now owns 1,583,291 shares of the technology company’s stock worth $72,024,000 after purchasing an additional 202,702 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. BWS Financial restated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, April 22nd. Raymond James reduced their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. William Blair downgraded Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Finally, Barclays raised their price target on Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

Iridium Communications Trading Up 1.7 %

Shares of IRDM stock opened at $31.32 on Thursday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $65.69. The stock’s fifty day moving average price is $27.37 and its two-hundred day moving average price is $34.13. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The company has a market cap of $3.80 billion, a PE ratio of 149.14 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The business had revenue of $203.80 million for 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 was down .7% compared to the same quarter last year. Equities analysts predict that Iridium Communications Inc. will post 0.73 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 1.66%. Iridium Communications’s dividend payout ratio is currently 247.62%.

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.