State of Alaska Department of Revenue Acquires 41,734 Shares of Iridium Communications Inc $IRDM

Key Points

• State of Alaska Department of Revenue boosted its stake in Iridium by 359.8%, buying 41,734 shares to hold 53,334 shares (about 0.05% of the company) worth roughly $926,000.
• Iridium's latest quarter showed an EPS of $0.24 (beating estimates by $0.01) while revenue of $212.94M missed expectations; the company reported a 13.12% net margin and analysts forecast about 1.09 EPS for the year.
• The stock trades near $40.40 with a 52‑week range of $15.65–$44.36, a market cap of $4.27B and a PE of 38.11, pays a $0.60 annual dividend (~1.5% yield), and is ~84% institutionally owned.

State of Alaska Department of Revenue boosted its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 359.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,334 shares of the technology company's stock after buying an additional 41,734 shares during the period. State of Alaska Department of Revenue owned approximately 0.05% of Iridium Communications worth $926,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Synergy Asset Management LLC increased its stake in Iridium Communications by 100.0% during the third quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company's stock valued at $23,123,000 after acquiring an additional 662,183 shares during the period. Y Intercept Hong Kong Ltd increased its stake in Iridium Communications by 2,459.5% during the third quarter. Y Intercept Hong Kong Ltd now owns 345,226 shares of the technology company's stock valued at $6,028,000 after acquiring an additional 331,738 shares during the period. Citigroup Inc. increased its stake in Iridium Communications by 323.8% during the third quarter. Citigroup Inc. now owns 310,797 shares of the technology company's stock valued at $5,427,000 after acquiring an additional 237,456 shares during the period. Silver Heights Capital Management Inc lifted its position in Iridium Communications by 22.7% in the third quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company's stock worth $90,612,000 after purchasing an additional 961,440 shares during the period. Finally, Penserra Capital Management LLC lifted its position in Iridium Communications by 86.4% in the third quarter. Penserra Capital Management LLC now owns 776,576 shares of the technology company's stock worth $13,558,000 after purchasing an additional 360,015 shares during the period. 84.36% of the stock is owned by institutional investors.

Iridium Communications Price Performance

Iridium Communications stock opened at $40.40 on Thursday. The business has a 50 day simple moving average of $28.58 and a 200 day simple moving average of $21.86. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82. Iridium Communications Inc has a one year low of $15.65 and a one year high of $44.36. The company has a market capitalization of $4.27 billion, a PE ratio of 38.11, a price-to-earnings-growth ratio of 2.90 and a beta of 0.48.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The business had revenue of $212.94 million for the quarter, compared to analyst estimates of $219.14 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The firm's quarterly revenue was up .0% compared to the same quarter last year. On average, sell-side analysts forecast that Iridium Communications Inc will post 1.09 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were paid a $0.15 dividend. The ex-dividend date was Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Iridium Communications's payout ratio is 56.60%.

Analyst Ratings Changes

Several research analysts recently commented on the company. BWS Financial reaffirmed a "sell" rating and issued a $16.00 target price on shares of Iridium Communications in a research report on Wednesday, April 15th. Weiss Ratings raised Iridium Communications from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, March 10th. Barclays upped their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. Finally, Morgan Stanley upped their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 18th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $27.60.

Insider Activity

In other news, CAO Timothy Kapalka sold 3,790 shares of Iridium Communications stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total value of $117,490.00. Following the completion of the transaction, the chief accounting officer owned 47,764 shares in the company, valued at approximately $1,480,684. The trade was a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.70% of the company's stock.

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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