Sit Investment Associates Inc. Sells 47,300 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Sit Investment Associates Inc. decreased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 70.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,900 shares of the technology company's stock after selling 47,300 shares during the quarter. Sit Investment Associates Inc.'s holdings in Iridium Communications were worth $577,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of IRDM. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications during the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. bought a new position in Iridium Communications in the fourth quarter valued at approximately $37,000. Fifth Third Bancorp grew its holdings in 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 acquiring an additional 357 shares during the period. GAMMA Investing LLC raised its position in shares of Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock valued at $101,000 after acquiring an additional 1,074 shares during the last quarter. Finally, Millstone Evans Group LLC acquired a new position in shares of Iridium Communications in the 4th quarter valued at $131,000. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Trading Up 0.5 %

Shares of NASDAQ IRDM traded up $0.12 during midday trading on Friday, reaching $24.27. 851,972 shares of the stock were exchanged, compared to its average volume of 1,124,606. 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 Inc. has a 12 month low of $22.18 and a 12 month high of $35.85. The business has a 50-day simple moving average of $28.49 and a two-hundred day simple moving average of $29.17. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 25.55, a P/E/G ratio of 1.28 and a beta of 0.66.

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

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.14 per share. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.31%. Iridium Communications's payout ratio is 58.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barclays decreased their price objective 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. StockNews.com upgraded Iridium Communications from a "hold" rating to a "buy" rating in a report on Sunday, April 6th. Finally, 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.

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.