Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System decreased its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 9.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 186,834 shares of the technology company's stock after selling 18,424 shares during the quarter. California Public Employees Retirement System owned 0.16% of Iridium Communications worth $5,422,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Plato Investment Management Ltd bought a new position in Iridium Communications in the 4th quarter worth about $32,000. SBI Securities Co. Ltd. purchased a new stake in Iridium Communications in the 4th quarter worth $37,000. Fifth Third Bancorp lifted its position 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 during the last quarter. GAMMA Investing LLC grew its stake in Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after purchasing an additional 1,074 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in shares of Iridium Communications in the 4th quarter valued at about $131,000. Institutional investors own 84.36% of the company's stock.

Iridium Communications Trading Up 2.2 %

NASDAQ:IRDM traded up $0.52 on Monday, reaching $24.79. 41,243 shares of the stock traded hands, compared to its average volume of 1,258,374. The company's 50 day moving average is $28.49 and its 200-day moving average is $29.16. Iridium Communications Inc. has a 1-year low of $22.18 and a 1-year high of $35.85. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66.

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Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $212.99 million during the quarter, compared to analysts' expectations of $203.78 million. Equities research analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.26%. Iridium Communications's payout ratio is currently 58.95%.

Analyst Ratings Changes

IRDM has been the subject of a number of recent research reports. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price for the company. Barclays cut their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Finally, StockNews.com upgraded Iridium Communications from a "hold" rating to a "buy" rating in a research report on Sunday, April 6th.

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.