Sei Investments Co. Grows Position in Iridium Communications Inc. (NASDAQ:IRDM)

Sei Investments Co. boosted its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 11.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,672 shares of the technology company's stock after acquiring an additional 15,388 shares during the quarter. Sei Investments Co. owned 0.13% of Iridium Communications worth $4,460,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new position in shares of Iridium Communications during the fourth quarter worth approximately $32,000. SBI Securities Co. Ltd. acquired a new position in Iridium Communications in the fourth quarter valued at $37,000. Fifth Third Bancorp raised its holdings in shares of Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after buying an additional 357 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Iridium Communications by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after buying an additional 1,074 shares during the period. Finally, Millstone Evans Group LLC purchased a new position in shares of Iridium Communications during the fourth quarter worth about $131,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is owned by company insiders.

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Analyst Upgrades and Downgrades

IRDM has been the subject of a number of recent research reports. Barclays decreased their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. Finally, StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a research report on Sunday.

Iridium Communications Price Performance

Shares of IRDM traded down $1.31 during mid-day trading on Monday, hitting $23.28. The company's stock had a trading volume of 1,884,308 shares, compared to its average volume of 1,118,250. The firm has a 50-day simple moving average of $29.08 and a 200 day simple moving average of $29.40. Iridium Communications Inc. has a 1-year low of $22.90 and a 1-year high of $35.85. The firm has a market capitalization of $2.53 billion, a P/E ratio of 24.51, a P/E/G ratio of 1.28 and a beta of 0.66. 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 (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share 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 analysts' expectations of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. Analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.41%. The ex-dividend date was Monday, March 17th. Iridium Communications's payout ratio is currently 58.95%.

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.