New York State Teachers Retirement System Sells 700 Shares of Iridium Communications Inc $IRDM

New York State Teachers Retirement System lowered its stake in Iridium Communications Inc (NASDAQ:IRDM) by 0.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 114,354 shares of the technology company’s stock after selling 700 shares during the quarter. New York State Teachers Retirement System’s holdings in Iridium Communications were worth $3,450,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. SVB Wealth LLC bought a new position in shares of Iridium Communications in the first quarter worth about $30,000. Cooksen Wealth LLC purchased a new stake in shares of Iridium Communications during the first quarter worth about $47,000. SBI Securities Co. Ltd. grew its position in shares of Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock worth $48,000 after purchasing an additional 476 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Iridium Communications during the first quarter worth about $72,000. Finally, Carolina Wealth Advisors LLC purchased a new stake in shares of Iridium Communications during the second quarter worth about $76,000. Institutional investors own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IRDM. Raymond James Financial cut Iridium Communications from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. Morgan Stanley cut their target price on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, August 1st. BWS Financial cut Iridium Communications from a “neutral” rating to a “sell” rating and cut their target price for the stock from $25.00 to $16.00 in a research report on Tuesday, September 9th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Iridium Communications in a research report on Wednesday, October 8th. Finally, Barclays cut their price target on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Iridium Communications has an average rating of “Moderate Buy” and a consensus target price of $29.67.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $18.67 on Tuesday. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 0.68 and a beta of 0.70. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51. The stock has a 50 day moving average price of $20.89 and a 200-day moving average price of $24.73. Iridium Communications Inc has a one year low of $17.08 and a one year high of $34.45.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The company had revenue of $216.91 million during the quarter, compared to analysts’ expectations of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.Iridium Communications’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 EPS. Equities analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a $0.15 dividend. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.14. The ex-dividend date was Monday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.2%. Iridium Communications’s dividend payout ratio (DPR) is presently 60.61%.

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.