Sumitomo Mitsui Trust Group Inc. lifted its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 12.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,829,052 shares of the technology company's stock after buying an additional 320,506 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 2.48% of Iridium Communications worth $82,099,000 as of its most recent filing with the SEC.
A number of other large investors also recently modified their holdings of IRDM. Capital Performance Advisors LLP bought a new stake in Iridium Communications in the third quarter valued at $57,000. Fifth Third Bancorp lifted its position in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after purchasing an additional 357 shares during the last quarter. GAMMA Investing LLC lifted its position in Iridium Communications by 25.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company's stock valued at $73,000 after purchasing an additional 483 shares during the last quarter. KBC Group NV lifted its position in Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company's stock valued at $116,000 after purchasing an additional 781 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Iridium Communications in the 4th quarter valued at about $186,000. 84.36% of the stock is currently owned by institutional investors.
Insider Transactions at Iridium Communications
In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by insiders.
Iridium Communications Price Performance
Iridium Communications stock traded up $4.27 during midday trading on Thursday, hitting $31.99. The company's stock had a trading volume of 4,361,013 shares, compared to its average volume of 1,097,530. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $36.32. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. The stock's 50-day moving average price is $29.17 and its 200-day moving average price is $28.83. The company has a market capitalization of $3.64 billion, a PE ratio of 34.03 and a beta of 0.65.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued 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. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. Analysts anticipate that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.
Iridium Communications Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.75%. The ex-dividend date was Monday, December 16th. Iridium Communications's dividend payout ratio (DPR) is currently 59.58%.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on IRDM. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective on the stock. BWS Financial restated a "neutral" rating and set a $30.00 price target on shares of Iridium Communications in a research report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Iridium Communications presently has an average rating of "Moderate Buy" and an average target price of $40.75.
View Our Latest Research Report on Iridium Communications
Iridium Communications Company Profile
(
Free Report)
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.
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