Wealth Effects LLC Reduces Stock Holdings in Iridium Communications Inc (NASDAQ:IRDM)

Wealth Effects LLC reduced its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 14.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,505 shares of the technology company’s stock after selling 2,497 shares during the period. Wealth Effects LLC’s holdings in Iridium Communications were worth $396,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in IRDM. Norges Bank purchased a new stake in shares of Iridium Communications in the 4th quarter valued at $28,240,000. American Century Companies Inc. increased its holdings in Iridium Communications by 94.2% in the fourth quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock valued at $50,374,000 after buying an additional 841,951 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Iridium Communications by 44.7% in the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock worth $64,125,000 after acquiring an additional 683,777 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Iridium Communications during the 4th quarter worth about $17,613,000. Finally, ArrowMark Colorado Holdings LLC grew its position in shares of Iridium Communications by 37.3% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock valued at $60,595,000 after acquiring an additional 567,164 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $28.81 on Thursday. Iridium Communications Inc has a 12 month low of $19.91 and a 12 month high of $35.85. The stock has a 50 day moving average of $26.09 and a two-hundred day moving average of $27.77. The company has a current ratio of 1.99, a quick ratio of 1.36 and a debt-to-equity ratio of 3.43. The firm has a market cap of $3.12 billion, a P/E ratio of 27.18, a price-to-earnings-growth ratio of 0.99 and a beta of 0.75.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data 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 return on equity of 19.41% and a net margin of 14.68%. The company had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. During the same period in the previous year, the business earned $0.17 EPS. On average, analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.56 annualized dividend and a yield of 1.94%. Iridium Communications’s dividend payout ratio (DPR) is currently 52.83%.

Analysts Set New Price Targets

IRDM has been the subject of several recent analyst reports. BWS Financial cut their price target on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, April 23rd. William Blair upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. Barclays cut their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Oppenheimer initiated coverage on Iridium Communications in a research note on Monday, May 5th. They issued an “outperform” rating and a $34.00 price target for the company. Finally, Wall Street Zen lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $34.25.

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.