Bamco Inc. NY Decreases Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Bamco Inc. NY cut its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,769,377 shares of the technology company’s stock after selling 349,408 shares during the quarter. Iridium Communications comprises 0.8% of Bamco Inc. NY’s investment portfolio, making the stock its 23rd biggest position. Bamco Inc. NY owned about 0.09% of Iridium Communications worth $312,527,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in shares of Iridium Communications by 1.6% during the 4th quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company’s stock worth $18,336,000 after purchasing an additional 10,195 shares during the last quarter. Nordea Investment Management AB lifted its position in Iridium Communications by 30.2% during the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock worth $7,264,000 after buying an additional 57,690 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Iridium Communications by 369.5% during the fourth quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company’s stock worth $2,019,000 after buying an additional 54,747 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in Iridium Communications by 376.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company’s stock valued at $141,000 after buying an additional 3,838 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Iridium Communications in the 4th quarter worth $17,613,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 4.6 %

Shares of IRDM stock opened at $25.17 on Friday. Iridium Communications Inc. has a 1-year low of $19.91 and a 1-year high of $35.85. The firm has a market cap of $2.72 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company has a 50-day moving average of $26.46 and a two-hundred day moving average of $28.48. 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 (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. The firm had revenue of $214.88 million during the quarter, compared to analysts’ expectations of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same quarter last year, the company posted $0.17 EPS. On average, analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.22%. Iridium Communications’s dividend payout ratio is presently 52.83%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IRDM. StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday. William Blair raised shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. BWS Financial cut their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. Barclays decreased their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.33.

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.