Los Angeles Capital Management LLC Trims Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Los Angeles Capital Management LLC cut its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 18.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,768 shares of the technology company's stock after selling 15,299 shares during the period. Los Angeles Capital Management LLC owned about 0.06% of Iridium Communications worth $1,909,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Nordea Investment Management AB grew its stake in Iridium Communications by 30.2% during the 4th quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company's stock worth $7,264,000 after buying an additional 57,690 shares during the last quarter. Impax Asset Management Group plc purchased a new position in shares of Iridium Communications during the third quarter worth approximately $697,000. Thrivent Financial for Lutherans increased its holdings in shares of Iridium Communications by 19.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company's stock valued at $3,970,000 after acquiring an additional 21,522 shares during the period. Inspire Investing LLC raised its position in Iridium Communications by 185.7% in the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company's stock valued at $1,256,000 after purchasing an additional 28,119 shares during the last quarter. Finally, Barclays PLC grew its position in Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company's stock worth $26,093,000 after purchasing an additional 137,924 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

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Iridium Communications Stock Performance

Shares of Iridium Communications stock traded down $0.61 on Tuesday, reaching $30.34. 632,093 shares of the stock were exchanged, compared to its average volume of 1,174,864. The firm has a market capitalization of $3.30 billion, a PE ratio of 31.95, a PEG ratio of 1.28 and a beta of 0.65. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. The business has a fifty day moving average price of $29.57 and a two-hundred day moving average price of $29.20. 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 released its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.16. The company 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, research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date was Monday, December 16th. Iridium Communications's dividend payout ratio (DPR) is currently 58.95%.

Analyst Ratings Changes

Several brokerages have recently weighed in on IRDM. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an "overweight" rating and a $40.00 target price for the company. StockNews.com upgraded Iridium Communications from a "hold" rating to a "buy" rating in a research note on Thursday, February 27th.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now owns 241,030 shares in the company, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.00% of the company's stock.

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.