Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 32.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,010 shares of the technology company's stock after purchasing an additional 22,654 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of Iridium Communications worth $2,799,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Plato Investment Management Ltd acquired a new position in Iridium Communications in the fourth quarter valued at about $32,000. SBI Securities Co. Ltd. acquired a new position in shares of Iridium Communications in the 4th quarter worth approximately $37,000. Fifth Third Bancorp boosted its position in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after purchasing an additional 357 shares during the period. GAMMA Investing LLC increased its holdings in Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock valued at $101,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Iridium Communications in the fourth quarter valued at approximately $131,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Insiders Place Their Bets

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the company's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.00% of the stock is owned by company insiders.

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Iridium Communications Stock Down 5.4 %

Shares of Iridium Communications stock traded down $1.45 on Thursday, reaching $25.58. 1,075,804 shares of the company were exchanged, compared to its average volume of 1,113,767. The stock's 50 day moving average price is $29.34 and its 200-day moving average price is $29.44. The company has a market cap of $2.78 billion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. The company had revenue of $212.99 million for the quarter, compared to the consensus estimate 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 forecast that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications's dividend payout ratio is presently 58.95%.

Analyst Ratings Changes

Several research firms recently issued reports on IRDM. Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. Barclays cut 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 note on Monday, March 10th. Finally, StockNews.com cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Saturday, March 29th.

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.