Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lifted its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 23.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 75,970 shares of the technology company’s stock after buying an additional 14,222 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.07% of Iridium Communications worth $2,313,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its holdings in Iridium Communications by 7,684.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after acquiring an additional 999 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Iridium Communications during the 1st quarter worth approximately $29,000. Mather Group LLC. bought a new stake in shares of Iridium Communications in the 2nd quarter worth approximately $32,000. Blue Trust Inc. boosted its position in Iridium Communications by 109.7% during 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 during the period. Finally, International Assets Investment Management LLC bought a new position in Iridium Communications during the 2nd quarter worth $45,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Iridium Communications

In other news, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total value of $1,127,253.45. Following the completion of the sale, the director now owns 254,824 shares in the company, valued at $7,489,277.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $29.48, for a total value of $130,301.60. Following the transaction, the insider now owns 182,797 shares of the company’s stock, valued at $5,388,855.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert H. Niehaus sold 38,355 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total transaction of $1,127,253.45. Following the sale, the director now directly owns 254,824 shares of the company’s stock, valued at approximately $7,489,277.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on IRDM. Barclays boosted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. BWS Financial reissued a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $28.86 on Thursday. The stock has a market cap of $3.29 billion, a P/E ratio of 30.70 and a beta of 0.65. The firm’s 50-day simple moving average is $29.35 and its 200 day simple moving average is $28.36. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $41.66. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $212.77 million for the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. Equities analysts expect that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications declared that its board has initiated a stock buyback plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.14 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.94%. Iridium Communications’s dividend payout ratio (DPR) is 59.58%.

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.