Teacher Retirement System of Texas Has $2.02 Million Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Teacher Retirement System of Texas raised its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 369.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 69,562 shares of the technology company's stock after purchasing an additional 54,747 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.06% of Iridium Communications worth $2,019,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of IRDM. Nordea Investment Management AB increased its stake in shares of Iridium Communications by 30.2% in the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company's stock valued at $7,264,000 after buying an additional 57,690 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in Iridium Communications by 376.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company's stock valued at $141,000 after acquiring an additional 3,838 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Iridium Communications in the fourth quarter worth about $37,000. Inspire Investing LLC lifted its position in shares of Iridium Communications by 185.7% during the fourth quarter. Inspire Investing LLC now owns 43,265 shares of the technology company's stock worth $1,256,000 after purchasing an additional 28,119 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Iridium Communications by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,093,223 shares of the technology company's stock valued at $31,725,000 after purchasing an additional 37,371 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

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Iridium Communications Trading Down 0.8 %

NASDAQ:IRDM traded down $0.22 during trading hours on Monday, hitting $27.32. The stock had a trading volume of 1,373,673 shares, compared to its average volume of 1,117,076. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 28.76, a P/E/G ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The business's 50 day moving average is $29.50 and its 200-day moving average is $29.48.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.14 per share. The ex-dividend date is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.05%. Iridium Communications's payout ratio is presently 58.95%.

Analysts Set New Price Targets

IRDM has been the topic of several research reports. StockNews.com downgraded Iridium Communications from a "buy" rating to a "hold" rating in a report on Saturday. Barclays decreased their price target on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective for the company.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is owned by insiders.

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.