Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Man Group plc

Man Group plc decreased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 51.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 183,391 shares of the technology company’s stock after selling 191,979 shares during the period. Man Group plc’s holdings in Iridium Communications were worth $5,322,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in Iridium Communications by 1.6% during the 4th quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company’s stock valued at $18,336,000 after buying an additional 10,195 shares during the period. Teacher Retirement System of Texas increased its stake in Iridium Communications by 369.5% during the 4th quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company’s stock valued at $2,019,000 after buying an additional 54,747 shares during the period. Steward Partners Investment Advisory LLC increased its stake in Iridium Communications by 376.3% during 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 during the period. Raymond James Financial Inc. bought a new position in shares of Iridium Communications during the 4th quarter valued at about $17,613,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Iridium Communications during the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM opened at $25.82 on Wednesday. Iridium Communications Inc. has a one year low of $19.91 and a one year high of $35.85. The company has a 50-day moving average of $25.45 and a two-hundred day moving average of $28.14. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 1.28 and a beta of 0.74. 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 announced its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $214.88 million during the quarter, compared to analysts’ expectations of $211.78 million. During the same period last year, the company posted $0.17 earnings per share. On average, equities research analysts expect 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 will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, June 13th. Iridium Communications’s dividend payout ratio is currently 52.83%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on IRDM shares. 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 report on Monday, March 10th. William Blair upgraded shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 22nd. Oppenheimer started coverage on shares of Iridium Communications in a research report on Monday, May 5th. They set an “outperform” rating and a $34.00 price objective for the company. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Finally, Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.25.

About Iridium Communications

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.