State of Tennessee Department of Treasury Sells 11,197 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

State of Tennessee Department of Treasury cut its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 20.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,443 shares of the technology company's stock after selling 11,197 shares during the quarter. State of Tennessee Department of Treasury's holdings in Iridium Communications were worth $1,232,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

IRDM has been the topic of several recent analyst reports. BWS Financial cut their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They set an "overweight" rating and a $40.00 target price on the stock. Oppenheimer started coverage on Iridium Communications in a research note on Monday. They issued an "outperform" rating and a $34.00 price target for the company. Finally, Barclays reduced their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. 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, the company currently has an average rating of "Moderate Buy" and an average target price of $34.25.

Iridium Communications Stock Performance

Shares of Iridium Communications stock traded down $0.03 during trading hours on Tuesday, reaching $25.74. 132,147 shares of the stock traded hands, compared to its average volume of 1,131,327. The company has a 50 day moving average price of $26.33 and a 200 day moving average price of $28.40. Iridium Communications Inc. has a one year low of $19.91 and a one year high of $35.85. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 27.20, a P/E/G ratio of 1.28 and a beta of 0.74.

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

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.18%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is currently 52.83%.

Iridium Communications 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.