Victory Capital Management Inc. reduced its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,599,504 shares of the technology company's stock after selling 10,145 shares during the period. Victory Capital Management Inc. owned 1.40% of Iridium Communications worth $46,418,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in IRDM. Charles Schwab Investment Management Inc. raised its stake in shares of Iridium Communications by 3.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,093,223 shares of the technology company's stock valued at $31,725,000 after acquiring an additional 37,371 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in shares of Iridium Communications by 376.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company's stock valued at $141,000 after purchasing an additional 3,838 shares during the period. Plato Investment Management Ltd acquired a new stake in shares of Iridium Communications in the fourth quarter worth $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications during the 4th quarter worth $37,000. Finally, Proficio Capital Partners LLC bought a new position in Iridium Communications in the 4th quarter worth $408,000. Institutional investors and hedge funds own 84.36% of the company's stock.
Insider Transactions at Iridium Communications
In other news, Director Thomas Fitzpatrick sold 12,500 shares of the 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 transaction, the director now directly owns 241,030 shares of the company's stock, 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 the SEC website. 2.00% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. Barclays decreased their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday. Cantor Fitzgerald began coverage on Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target for the company. Finally, StockNews.com upgraded shares of Iridium Communications from a "hold" rating to a "buy" rating in a research note on Thursday, February 27th.
View Our Latest Stock Report on Iridium Communications
Iridium Communications Stock Performance
IRDM traded down $1.98 on Wednesday, hitting $27.35. 986,719 shares of the stock traded hands, compared to its average volume of 1,214,738. The business has a fifty day moving average price of $29.71 and a two-hundred day moving average price of $29.34. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $2.98 billion, a PE ratio of 28.86, a P/E/G ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $35.85.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.16. The business had revenue of $212.99 million for the quarter, compared to analysts' expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. On average, research analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.
Iridium Communications Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications's dividend payout ratio is 58.95%.
About Iridium Communications
(
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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