New York State Teachers Retirement System Has $3.44 Million Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

New York State Teachers Retirement System lowered its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 113,078 shares of the technology company’s stock after selling 4,477 shares during the period. New York State Teachers Retirement System’s holdings in Iridium Communications were worth $3,443,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of IRDM. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Iridium Communications by 427.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,626 shares of the technology company’s stock worth $1,900,000 after buying an additional 58,860 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Iridium Communications by 116.0% during the 1st quarter. BNP Paribas Financial Markets now owns 265,474 shares of the technology company’s stock worth $6,945,000 after buying an additional 142,568 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Iridium Communications by 19.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 53,948 shares of the technology company’s stock worth $1,411,000 after buying an additional 8,869 shares in the last quarter. Texas Permanent School Fund Corp grew its position in Iridium Communications by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 108,244 shares of the technology company’s stock worth $2,832,000 after acquiring an additional 1,254 shares during the last quarter. Finally, Quantbot Technologies LP grew its position in Iridium Communications by 3,274.0% during the 1st quarter. Quantbot Technologies LP now owns 102,166 shares of the technology company’s stock worth $2,673,000 after acquiring an additional 99,138 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on IRDM shares. BWS Financial restated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Monday, October 21st. Barclays boosted their price objective on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.00.

Iridium Communications Trading Up 2.1 %

NASDAQ IRDM opened at $30.30 on Thursday. The business’s 50-day moving average price is $29.03 and its two-hundred day moving average price is $28.35. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $41.66. The firm has a market capitalization of $3.45 billion, a PE ratio of 32.23 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.14 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.85%. Iridium Communications’s dividend payout ratio (DPR) is presently 59.58%.

Iridium Communications declared that its Board of Directors has initiated a share repurchase plan on Thursday, September 19th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the sale, the insider now owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the transaction, the insider now directly owns 182,797 shares of the company’s stock, valued at $5,388,855.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert H. Niehaus sold 38,355 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total value of $1,127,253.45. Following the completion of the transaction, the director now directly owns 254,824 shares in the company, valued at $7,489,277.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

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.