Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Capital World Investors

Capital World Investors decreased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 36.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,000,000 shares of the technology company’s stock after selling 563,868 shares during the quarter. Capital World Investors owned approximately 0.82% of Iridium Communications worth $26,160,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of IRDM. Vanguard Group Inc. raised its stake in Iridium Communications by 2.9% in the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after buying an additional 336,989 shares in the last quarter. Silver Heights Capital Management Inc increased its stake in Iridium Communications by 8.8% in the fourth quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock valued at $109,330,000 after purchasing an additional 214,508 shares during the last quarter. Clearbridge Investments LLC raised its holdings in Iridium Communications by 4.5% during the fourth quarter. Clearbridge Investments LLC now owns 2,266,706 shares of the technology company’s stock worth $93,298,000 after purchasing an additional 97,167 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its position in shares of Iridium Communications by 19.9% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after buying an additional 346,118 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Iridium Communications by 19.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock valued at $54,664,000 after buying an additional 346,118 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Trading Up 4.6 %

NASDAQ IRDM opened at $29.07 on Friday. The firm’s fifty day moving average is $27.45 and its two-hundred day moving average is $29.39. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $54.42. The company has a debt-to-equity ratio of 2.08, a quick ratio of 2.52 and a current ratio of 2.25. The firm has a market cap of $3.53 billion, a PE ratio of 138.43 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. The firm had revenue of $201.07 million for the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.24) earnings per share. Analysts expect that Iridium Communications Inc. will post 0.77 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Friday, June 14th. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. Iridium Communications’s dividend payout ratio is 266.67%.

Wall Street Analysts Forecast Growth

IRDM has been the topic of several research analyst reports. Barclays lifted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday. BWS Financial reissued a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Iridium Communications currently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

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.