Amundi lessened its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 93.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,014 shares of the technology company's stock after selling 41,502 shares during the quarter. Amundi's holdings in Iridium Communications were worth $88,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Thrivent Financial for Lutherans grew its stake in shares of Iridium Communications by 19.8% in the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company's stock worth $3,970,000 after purchasing an additional 21,522 shares during the last quarter. Quest Partners LLC grew its position in shares of Iridium Communications by 182.2% in the 3rd quarter. Quest Partners LLC now owns 13,877 shares of the technology company's stock worth $423,000 after buying an additional 8,959 shares during the last quarter. Pathstone Holdings LLC increased its stake in shares of Iridium Communications by 14.3% during the third quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company's stock valued at $1,883,000 after buying an additional 7,722 shares during the period. Cerity Partners LLC bought a new position in shares of Iridium Communications during the third quarter valued at approximately $1,359,000. Finally, Algert Global LLC lifted its stake in Iridium Communications by 54.0% in the third quarter. Algert Global LLC now owns 365,121 shares of the technology company's stock worth $11,118,000 after acquiring an additional 128,018 shares during the period. Institutional investors own 84.36% of the company's stock.
Iridium Communications Stock Up 1.9 %
Iridium Communications stock traded up $0.54 on Wednesday, hitting $29.54. 1,050,694 shares of the stock traded hands, compared to its average volume of 1,076,037. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The business's fifty day simple moving average is $29.45 and its 200 day simple moving average is $29.42. The firm has a market cap of $3.22 billion, a P/E ratio of 31.10, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analysts' expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. As a group, sell-side analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current year.
Iridium Communications Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Monday, March 17th. Iridium Communications's payout ratio is 58.95%.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on IRDM shares. StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a research report on Friday, March 21st. Barclays reduced their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th. Finally, Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective for the company.
Check Out Our Latest Report on Iridium Communications
Insider Buying and Selling
In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is owned by corporate insiders.
About Iridium Communications
(
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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