Louisiana State Employees Retirement System Reduces Position in Iridium Communications Inc. (NASDAQ:IRDM)

Louisiana State Employees Retirement System lessened its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,600 shares of the technology company’s stock after selling 1,200 shares during the period. Louisiana State Employees Retirement System’s holdings in Iridium Communications were worth $917,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IRDM. Capital Performance Advisors LLP acquired a new stake in shares of Iridium Communications in the third quarter valued at about $57,000. Fifth Third Bancorp increased its position in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after purchasing an additional 357 shares during the last quarter. GAMMA Investing LLC increased its position in Iridium Communications by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,074 shares during the last quarter. KBC Group NV increased its position in Iridium Communications by 25.9% during the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after purchasing an additional 781 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Iridium Communications during the fourth quarter worth about $186,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. BWS Financial reaffirmed a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target for the company.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.00% of the company’s stock.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $31.63 on Tuesday. The firm’s fifty day simple moving average is $29.18 and its 200-day simple moving average is $28.87. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 33.65 and a beta of 0.65. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $36.32. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.16. The company had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. As a group, equities analysts forecast that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a dividend yield of 1.77%. Iridium Communications’s payout ratio is currently 59.58%.

Iridium Communications 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.