VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.08 Million in Iridium Communications Inc $IRDM

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Iridium Communications Inc (NASDAQ:IRDM) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 37,950 shares of the technology company’s stock, valued at approximately $2,082,000.

Several other large investors have also recently bought and sold shares of the business. Royal Bank of Canada lifted its stake in Iridium Communications by 33.0% in the 1st quarter. Royal Bank of Canada now owns 48,325 shares of the technology company’s stock worth $1,320,000 after acquiring an additional 11,985 shares in the last quarter. Amundi grew its stake in Iridium Communications by 1,243.0% during the 1st quarter. Amundi now owns 40,479 shares of the technology company’s stock valued at $1,035,000 after acquiring an additional 37,465 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Iridium Communications by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company’s stock valued at $6,345,000 after purchasing an additional 33,191 shares during the period. United Services Automobile Association purchased a new stake in shares of Iridium Communications in the first quarter worth approximately $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Iridium Communications by 16.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company’s stock worth $14,741,000 after purchasing an additional 75,060 shares in the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Stock Up 0.6%

Shares of Iridium Communications stock opened at $47.30 on Friday. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 53.75, a P/E/G ratio of 3.79 and a beta of 0.87. The stock has a 50-day simple moving average of $48.08 and a 200-day simple moving average of $41.60. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $57.18. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). The firm had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 EPS. On average, equities research analysts expect that Iridium Communications Inc will post 0.95 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Iridium Communications’s payout ratio is currently 68.18%.

Wall Street Analyst Weigh In

IRDM has been the subject of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. Morgan Stanley increased their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. New Street Research raised shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. Finally, Oppenheimer boosted their price target on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Iridium Communications has an average rating of “Hold” and an average price target of $41.20.

Insider Activity at Iridium Communications

In other news, insider Kathleen Morgan sold 33,192 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the transaction, the insider owned 124,871 shares in the company, valued at approximately $6,287,254.85. This trade represents a 21.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Timothy Last sold 19,521 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.34, for a total transaction of $982,687.14. Following the completion of the sale, the executive vice president owned 93,413 shares of the company’s stock, valued at $4,702,410.42. This represents a 17.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 375,919 shares of company stock worth $18,878,997 over the last quarter. 2.70% of the stock is currently owned by corporate insiders.

Iridium Communications Company Profile

Iridium Communications Inc provides global satellite-based voice and data communications services. Its network is designed to support connectivity across land, oceans, airways and polar regions, serving customers in areas where terrestrial communications infrastructure is limited or unavailable.

The company offers satellite phones, broadband and narrowband data services, push-to-talk communications, and Internet of Things connectivity. Its product portfolio includes Iridium Certus broadband services, Iridium GO! satellite Wi-Fi products, satellite phones, specialized IoT services and solutions for asset tracking, monitoring and machine-to-machine communications.