Iridium Communications Inc. (NASDAQ:IRDM) Holdings Cut by Capital World Investors

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

Other institutional investors also recently made changes to their positions in the company. Northwest Financial Advisors acquired a new position in Iridium Communications during the 4th quarter valued at approximately $26,000. Allspring Global Investments Holdings LLC bought a new position in shares of Iridium Communications during the fourth quarter worth about $41,000. Acadian Asset Management LLC bought a new position in shares of Iridium Communications during the first quarter worth about $29,000. Headlands Technologies LLC acquired a new stake in shares of Iridium Communications in the 4th quarter worth about $60,000. Finally, Covestor Ltd lifted its position in Iridium Communications by 1,033.5% in the 1st quarter. Covestor Ltd now owns 1,791 shares of the technology company’s stock valued at $47,000 after purchasing an additional 1,633 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on IRDM. Barclays upped their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday. BWS Financial reissued a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a report on Wednesday. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Iridium Communications presently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Iridium Communications Trading Up 4.6 %

Shares of IRDM stock opened at $29.07 on Friday. The company has a quick ratio of 2.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. The stock has a 50-day simple moving average of $27.45 and a 200 day simple moving average of $29.39. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $54.42. The stock has a market capitalization of $3.53 billion, a P/E ratio of 138.43 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The company had revenue of $201.07 million for the quarter, compared to analysts’ expectations of $204.01 million. During the same quarter in the previous year, the company posted ($0.24) EPS. The business’s revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts expect that Iridium Communications Inc. will post 0.77 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

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

About Iridium Communications

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.