Vanguard Group Inc. cut its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 1.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,811,584 shares of the technology company's stock after selling 178,769 shares during the quarter. Vanguard Group Inc. owned approximately 9.50% of Iridium Communications worth $313,752,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IRDM. Fox Run Management L.L.C. lifted its stake in shares of Iridium Communications by 184.1% during the 4th quarter. Fox Run Management L.L.C. now owns 39,433 shares of the technology company's stock valued at $1,144,000 after buying an additional 25,555 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Iridium Communications during the fourth quarter worth $609,000. AXQ Capital LP boosted its holdings in shares of Iridium Communications by 110.5% in the fourth quarter. AXQ Capital LP now owns 39,565 shares of the technology company's stock worth $1,148,000 after acquiring an additional 20,772 shares during the period. Sei Investments Co. grew its position in shares of Iridium Communications by 11.1% in the fourth quarter. Sei Investments Co. now owns 153,672 shares of the technology company's stock valued at $4,460,000 after purchasing an additional 15,388 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Iridium Communications by 94.2% during the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock valued at $50,374,000 after purchasing an additional 841,951 shares during the period. Institutional investors own 84.36% of the company's stock.
Analyst Ratings Changes
Several research analysts have commented on IRDM shares. Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price for the company. StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, Barclays reduced their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th.
Check Out Our Latest Research Report on Iridium Communications
Insider Activity
In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business'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 completion of the sale, the director now owns 241,030 shares in the company, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.00% of the company's stock.
Iridium Communications Price Performance
Iridium Communications stock traded down $0.63 during midday trading on Tuesday, hitting $22.65. 1,263,143 shares of the company's stock were exchanged, compared to its average volume of 1,119,707. The company has a market cap of $2.46 billion, a P/E ratio of 23.84, a PEG ratio of 1.28 and a beta of 0.66. 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 stock has a 50-day moving average price of $28.82 and a two-hundred day moving average price of $29.31. Iridium Communications Inc. has a 52-week low of $22.23 and a 52-week high of $35.85.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.15 by $0.16. The company had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. On average, equities research analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current year.
Iridium Communications Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date was Monday, March 17th. Iridium Communications's payout ratio is 58.95%.
Iridium Communications Profile
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Free Report)
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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