Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 84.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,300 shares of the technology company's stock after selling 120,749 shares during the period. Franklin Resources Inc.'s holdings in Iridium Communications were worth $647,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Schroder Investment Management Group grew its stake in Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock worth $64,125,000 after purchasing an additional 683,777 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Iridium Communications by 12.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 14,924 shares of the technology company's stock valued at $433,000 after buying an additional 1,656 shares during the period. New Age Alpha Advisors LLC acquired a new position in shares of Iridium Communications during the fourth quarter worth about $253,000. Norges Bank acquired a new position in shares of Iridium Communications during the fourth quarter worth about $28,240,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in shares of Iridium Communications by 28.5% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 82,849 shares of the technology company's stock worth $2,404,000 after buying an additional 18,388 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on IRDM shares. StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a research report on Sunday, April 6th. Barclays dropped their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Finally, Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target for the company.

Iridium Communications Stock Down 0.3 %

NASDAQ:IRDM traded down $0.06 during midday trading on Friday, hitting $23.77. 738,764 shares of the company were exchanged, compared to its average volume of 1,112,888. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a fifty-two week low of $22.18 and a fifty-two week high of $35.85. The company has a market capitalization of $2.58 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. The company has a fifty day simple moving average of $28.06 and a 200 day simple moving average of $28.93.

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

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.14 per share. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.36%. Iridium Communications's payout ratio is currently 58.95%.

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.