Principal Financial Group Inc. Sells 13,231 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Principal Financial Group Inc. reduced its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 4.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 261,134 shares of the technology company's stock after selling 13,231 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Iridium Communications worth $7,578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRDM. International Assets Investment Management LLC lifted its stake in Iridium Communications by 2,945.0% during the third quarter. International Assets Investment Management LLC now owns 51,765 shares of the technology company's stock worth $1,700,000 after purchasing an additional 50,065 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Iridium Communications by 77.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 22,857 shares of the technology company's stock worth $696,000 after purchasing an additional 9,999 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Iridium Communications by 2.8% during the third quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company's stock worth $418,000 after purchasing an additional 375 shares during the last quarter. Pallas Capital Advisors LLC bought a new stake in Iridium Communications during the third quarter worth $227,000. Finally, Van ECK Associates Corp lifted its stake in Iridium Communications by 18.2% during the third quarter. Van ECK Associates Corp now owns 56,182 shares of the technology company's stock worth $1,673,000 after purchasing an additional 8,662 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Price Performance

Shares of IRDM traded up $0.55 during trading hours on Wednesday, reaching $30.59. The stock had a trading volume of 949,801 shares, compared to its average volume of 1,186,554. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $35.85. The stock has a market capitalization of $3.33 billion, a PE ratio of 32.20, a PEG ratio of 1.28 and a beta of 0.65. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company's 50-day moving average is $29.59 and its two-hundred day moving average is $29.22.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. The business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Research analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $0.14 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 1.83%. Iridium Communications's payout ratio is 58.95%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com upgraded Iridium Communications from a "hold" rating to a "buy" rating in a research note on Thursday, February 27th. Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company.

Insider Activity at Iridium Communications

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 transaction of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.00% of the stock is currently owned by company insiders.

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.