State of Tennessee Department of Treasury Trims Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

State of Tennessee Department of Treasury decreased its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 20.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,443 shares of the technology company's stock after selling 11,197 shares during the period. State of Tennessee Department of Treasury's holdings in Iridium Communications were worth $1,232,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new position in shares of Iridium Communications during the fourth quarter valued at $32,000. SBI Securities Co. Ltd. purchased a new stake in shares of Iridium Communications in the 4th quarter worth approximately $37,000. Pinnacle Holdings LLC boosted its stake in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after purchasing an additional 477 shares in the last quarter. Fifth Third Bancorp raised its stake in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after buying an additional 357 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after buying an additional 2,113 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. BWS Financial decreased their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. StockNews.com downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday. William Blair upgraded 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 Iridium Communications in a report on Monday. They set an "outperform" rating and a $34.00 price objective for the company. Finally, Barclays dropped their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $34.25.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM traded up $0.72 on Monday, hitting $25.89. 647,798 shares of the company were exchanged, compared to its average volume of 1,131,712. The firm has a market capitalization of $2.80 billion, a P/E ratio of 27.26, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 1-year low of $19.91 and a 1-year high of $35.85. The stock's 50 day moving average price is $26.46 and its 200 day moving average price is $28.44.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The company had revenue of $214.88 million during the quarter, compared to analysts' expectations of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the previous year, the firm posted $0.17 EPS. Sell-side analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio is presently 52.83%.

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.