Sumitomo Mitsui Trust Holdings Inc. Acquires 539,909 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 44.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,743,482 shares of the technology company’s stock after purchasing an additional 539,909 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Iridium Communications were worth $71,762,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. ICA Group Wealth Management LLC bought a new stake in Iridium Communications during the 4th quarter worth approximately $36,000. Quarry LP bought a new stake in Iridium Communications during the 2nd quarter worth approximately $39,000. Allspring Global Investments Holdings LLC bought a new stake in Iridium Communications during the 4th quarter worth approximately $41,000. Covestor Ltd raised its stake in Iridium Communications by 83.2% during the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after acquiring an additional 457 shares during the period. Finally, Belpointe Asset Management LLC raised its stake in Iridium Communications by 78.7% during the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after acquiring an additional 436 shares during the period. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

IRDM has been the topic of a number of recent analyst reports. Barclays decreased their target price on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Raymond James reduced their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. TheStreet upgraded shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. BWS Financial cut shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price objective on the stock. in a research report on Friday, February 16th. Finally, William Blair cut shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Iridium Communications has a consensus rating of “Moderate Buy” and an average target price of $49.80.

Iridium Communications Trading Down 0.3 %

IRDM stock opened at $24.71 on Thursday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $68.34. The firm has a market cap of $3.02 billion, a PE ratio of 190.08 and a beta of 0.85. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06. The firm has a fifty day moving average price of $27.98 and a 200 day moving average price of $35.11.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 15th. The technology company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.27. Iridium Communications had a return on equity of 1.58% and a net margin of 1.95%. The business had revenue of $194.74 million for the quarter, compared to analyst estimates of $192.13 million. During the same quarter in the previous year, the firm earned ($0.01) earnings per share. The company’s revenue was up .5% on a year-over-year basis. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.72 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.10%. Iridium Communications’s dividend payout ratio is currently 400.00%.

Iridium Communications Company 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.