Iridium Communications Inc. (NASDAQ:IRDM) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 27.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,297,676 shares of the technology company's stock after buying an additional 275,775 shares during the quarter. Bank of New York Mellon Corp owned 1.14% of Iridium Communications worth $37,659,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. State Street Corp increased its position in Iridium Communications by 0.9% during the 3rd quarter. State Street Corp now owns 4,269,883 shares of the technology company's stock worth $130,018,000 after purchasing an additional 36,851 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company's stock worth $82,099,000 after purchasing an additional 320,506 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Iridium Communications by 0.7% in the third quarter. Victory Capital Management Inc. now owns 1,609,649 shares of the technology company's stock valued at $49,014,000 after purchasing an additional 11,117 shares during the period. FMR LLC increased its stake in Iridium Communications by 26.7% in the third quarter. FMR LLC now owns 942,380 shares of the technology company's stock valued at $28,695,000 after purchasing an additional 198,360 shares during the last quarter. Finally, Barclays PLC increased its stake in Iridium Communications by 19.2% in the third quarter. Barclays PLC now owns 856,901 shares of the technology company's stock valued at $26,093,000 after purchasing an additional 137,924 shares during the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Iridium Communications Trading Down 1.4 %

IRDM stock traded down $0.42 during midday trading on Tuesday, reaching $29.33. 1,780,093 shares of the company's stock traded hands, compared to its average volume of 1,219,488. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $35.85. The business has a 50-day moving average price of $29.69 and a two-hundred day moving average price of $29.29. The company has a market capitalization of $3.19 billion, a P/E ratio of 30.87, a PEG ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

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

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is presently 58.95%.

Analysts Set New Price Targets

Several research firms have commented on IRDM. StockNews.com upgraded Iridium Communications from a "hold" rating to a "buy" rating in a report on Thursday, February 27th. Barclays lowered their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target on the 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.