California State Teachers Retirement System Has $3.11 Million Stock Holdings in Iridium Communications Inc $IRDM

Key Points

• California State Teachers Retirement System increased its Iridium Communications stake by 22.2% in the first quarter, owning 112,063 shares worth approximately $3.11 million. Institutional investors collectively hold 84.36% of the company.
• Iridium reported quarterly revenue of $225.24 million, up 3.8% year over year and above estimates, but earnings of $0.09 per share missed the $0.28 consensus forecast. Analysts expect $0.95 in full-year EPS.
• The company maintains a quarterly dividend of $0.15 per share, or $0.60 annualized, yielding about 1.2%. Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $38.67.

California State Teachers Retirement System raised its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 22.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 112,063 shares of the technology company's stock after acquiring an additional 20,362 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Iridium Communications worth $3,109,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Iridium Communications by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company's stock worth $176,533,000 after purchasing an additional 677,258 shares during the period. Silver Heights Capital Management Inc lifted its stake in Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company's stock valued at $91,265,000 after buying an additional 61,430 shares during the period. State Street Corp boosted its holdings in Iridium Communications by 18.0% during the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company's stock worth $82,759,000 after buying an additional 725,856 shares during the last quarter. Millennium Management LLC boosted its holdings in Iridium Communications by 265.8% during the third quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company's stock worth $53,074,000 after buying an additional 2,208,857 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Iridium Communications by 21.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,323,170 shares of the technology company's stock worth $40,377,000 after buying an additional 408,903 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $49.93 on Monday. The company has a market capitalization of $5.29 billion, a P/E ratio of 56.74, a price-to-earnings-growth ratio of 4.04 and a beta of 0.88. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31. The business has a 50-day moving average of $47.91 and a two-hundred day moving average of $36.99. Iridium Communications Inc has a 1 year low of $15.65 and a 1 year high of $57.18.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%. The business had revenue of $225.24 million for the quarter, compared to the consensus estimate of $220.32 million. During the same quarter last year, the firm earned $0.20 EPS. The company's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities analysts predict that Iridium Communications Inc will post 0.95 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. Iridium Communications's payout ratio is presently 68.18%.

Analyst Ratings Changes

A number of brokerages have recently commented on IRDM. William Blair cut Iridium Communications from an "outperform" rating to a "hold" rating in a research note on Monday, June 29th. New Street Research raised shares of Iridium Communications from a "neutral" rating to a "buy" rating in a research note on Wednesday, July 22nd. Oppenheimer boosted their price objective 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. BWS Financial reaffirmed a "sell" rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Monday, April 27th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Iridium Communications in a report on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $38.67.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company's unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium's core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.

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