Texas Permanent School Fund Corp Grows Position in Iridium Communications Inc. (NASDAQ:IRDM)

Texas Permanent School Fund Corp raised its position in Iridium Communications Inc. (NASDAQ:IRDM) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,038 shares of the technology company’s stock after purchasing an additional 794 shares during the quarter. Texas Permanent School Fund Corp owned 0.09% of Iridium Communications worth $2,903,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Iridium Communications by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock worth $316,283,000 after purchasing an additional 336,989 shares during the period. Van Berkom & Associates Inc. raised its holdings in shares of Iridium Communications by 4.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock valued at $92,639,000 after buying an additional 152,232 shares during the period. Silver Heights Capital Management Inc raised its holdings in shares of Iridium Communications by 8.8% during the 4th quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock valued at $109,330,000 after buying an additional 214,508 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Iridium Communications by 18.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after buying an additional 385,872 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in shares of Iridium Communications by 4.5% during the 4th quarter. Clearbridge Investments LLC now owns 2,266,706 shares of the technology company’s stock valued at $93,298,000 after buying an additional 97,167 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on IRDM shares. BWS Financial reiterated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays raised their target price on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Iridium Communications has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Iridium Communications Price Performance

IRDM stock opened at $26.97 on Monday. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $51.62. The stock’s 50 day moving average is $26.84 and its two-hundred day moving average is $27.52. The company has a market capitalization of $3.19 billion, a PE ratio of 128.43 and a beta of 0.64.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The company had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. During the same period in the previous year, the business earned ($0.24) EPS. Iridium Communications’s revenue for the quarter was up 4.1% compared to the same quarter last year. Analysts predict that Iridium Communications Inc. will post 0.81 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 2.08%. Iridium Communications’s dividend payout ratio is presently 266.67%.

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.