Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lifted its position in Iridium Communications Inc. (NASDAQ:IRDM) by 0.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,038 shares of the technology company’s stock after acquiring an additional 794 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Iridium Communications were worth $2,903,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Van Berkom & Associates Inc. grew its position in shares of Iridium Communications by 4.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock worth $92,639,000 after acquiring an additional 152,232 shares in the last quarter. Paralel Advisors LLC acquired a new position in Iridium Communications during the 2nd quarter valued at approximately $2,323,000. Ballentine Partners LLC acquired a new position in Iridium Communications during the 2nd quarter valued at approximately $293,000. Acadian Asset Management LLC boosted its position in Iridium Communications by 4,757.0% during the 2nd quarter. Acadian Asset Management LLC now owns 55,175 shares of the technology company’s stock valued at $1,467,000 after purchasing an additional 54,039 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in Iridium Communications during the 2nd quarter valued at approximately $1,899,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on IRDM shares. Barclays boosted their price objective on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial restated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.00.

Iridium Communications Trading Up 2.8 %

Shares of IRDM stock opened at $26.97 on Monday. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $51.62. The stock has a fifty day moving average of $26.84 and a two-hundred day moving average of $27.52. The firm 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 announced its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $204.01 million. During the same quarter in the previous year, the firm posted ($0.24) EPS. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, research analysts expect that Iridium Communications Inc. will post 0.81 EPS for the current year.

Iridium Communications Dividend Announcement

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

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.