Teacher Retirement System of Texas Has $998,000 Holdings in Iridium Communications Inc (NASDAQ:IRDM)

Teacher Retirement System of Texas lessened its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 47.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,546 shares of the technology company's stock after selling 33,016 shares during the period. Teacher Retirement System of Texas' holdings in Iridium Communications were worth $998,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of IRDM. Salomon & Ludwin LLC acquired a new position in Iridium Communications in the first quarter valued at $109,000. New York State Teachers Retirement System lifted its holdings in Iridium Communications by 1.7% in the first quarter. New York State Teachers Retirement System now owns 115,054 shares of the technology company's stock valued at $3,143,000 after buying an additional 1,976 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Iridium Communications by 37.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock valued at $106,361,000 after buying an additional 1,064,093 shares during the period. Lecap Asset Management Ltd. lifted its holdings in Iridium Communications by 78.7% in the first quarter. Lecap Asset Management Ltd. now owns 39,845 shares of the technology company's stock valued at $1,089,000 after buying an additional 17,543 shares during the period. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in Iridium Communications in the first quarter valued at $247,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Trading Down 1.9%

NASDAQ:IRDM opened at $31.45 on Monday. The company has a debt-to-equity ratio of 3.43, a current ratio of 1.99 and a quick ratio of 1.36. The firm has a 50-day moving average of $27.93 and a 200-day moving average of $27.87. The company has a market cap of $3.40 billion, a PE ratio of 29.67, a PEG ratio of 1.07 and a beta of 0.79. Iridium Communications Inc has a one year low of $19.91 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The company had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a net margin of 14.68% and a return on equity of 19.41%. During the same period in the previous year, the firm posted $0.17 earnings per share. As a group, equities research analysts expect that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications's payout ratio is presently 52.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Oppenheimer assumed coverage on shares of Iridium Communications in a research note on Monday, May 5th. They issued an "outperform" rating and a $34.00 price target for the company. Wall Street Zen downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, BWS Financial decreased their price target on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Iridium Communications presently has an average rating of "Moderate Buy" and a consensus target price of $34.25.

About Iridium Communications

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.

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