Ensign Peak Advisors Inc Sells 5,985 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Ensign Peak Advisors Inc decreased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 12.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,519 shares of the technology company’s stock after selling 5,985 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Iridium Communications were worth $1,105,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Iridium Communications by 7,684.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Iridium Communications in the 1st quarter valued at about $29,000. Mather Group LLC. bought a new stake in shares of Iridium Communications in the 2nd quarter valued at about $32,000. Blue Trust Inc. raised its holdings in shares of Iridium Communications by 109.7% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after purchasing an additional 780 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Iridium Communications in the 2nd quarter valued at about $45,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

IRDM has been the subject of several recent research reports. BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays boosted their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Trading Up 3.3 %

NASDAQ IRDM opened at $31.03 on Friday. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. The firm has a market cap of $3.77 billion, a PE ratio of 147.76 and a beta of 0.64. The company has a 50 day moving average price of $27.44 and a 200 day moving average price of $27.55. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $46.25.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.17 by $0.10. The firm had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. Iridium Communications’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.24) EPS. As a group, sell-side analysts forecast that Iridium Communications Inc. will post 0.81 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Friday, September 13th. Iridium Communications’s dividend payout ratio is presently 266.67%.

Iridium Communications announced that its board has authorized a stock repurchase program on Thursday, September 19th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 14.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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.