Russell Investments Group Ltd. Has $683,000 Position in Iridium Communications Inc. (NASDAQ:IRDM)

Russell Investments Group Ltd. trimmed its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 88.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,535 shares of the technology company's stock after selling 173,374 shares during the period. Russell Investments Group Ltd.'s holdings in Iridium Communications were worth $683,000 at the end of the most recent quarter.

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

Iridium Communications Trading Down 6.9 %

Shares of IRDM stock opened at $21.61 on Wednesday. Iridium Communications Inc. has a 12-month low of $19.91 and a 12-month high of $35.85. The company has a market capitalization of $2.35 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. The firm has a 50 day moving average price of $27.76 and a two-hundred day moving average price of $28.82. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same period in the previous year, the company posted $0.17 EPS. As a group, analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 2.59%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is 58.95%.

Analyst Upgrades and Downgrades

IRDM has been the topic of several recent analyst reports. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday. StockNews.com downgraded Iridium Communications from a "buy" rating to a "hold" rating in a research report on Tuesday. 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 objective on the stock. Finally, Barclays reduced their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Iridium Communications currently has a consensus rating of "Moderate Buy" and an average price target of $36.00.

Iridium Communications 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.

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