Comerica Bank Trims Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Comerica Bank lessened its stake in shares of Iridium Communications Inc. (NASDAQ:IRDMGet Rating) by 2.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,356 shares of the technology company’s stock after selling 1,610 shares during the quarter. Comerica Bank’s holdings in Iridium Communications were worth $2,718,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of IRDM. Rhumbline Advisers lifted its position in shares of Iridium Communications by 1.1% during the 1st quarter. Rhumbline Advisers now owns 359,276 shares of the technology company’s stock worth $14,486,000 after buying an additional 3,957 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Iridium Communications by 0.5% in the 1st quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company’s stock valued at $634,635,000 after acquiring an additional 71,031 shares during the period. Great West Life Assurance Co. Can increased its holdings in shares of Iridium Communications by 7.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 70,873 shares of the technology company’s stock valued at $2,934,000 after acquiring an additional 4,877 shares during the period. Yousif Capital Management LLC increased its holdings in shares of Iridium Communications by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 69,722 shares of the technology company’s stock valued at $2,811,000 after acquiring an additional 2,353 shares during the period. Finally, Raymond James Trust N.A. increased its holdings in shares of Iridium Communications by 16.6% in the 1st quarter. Raymond James Trust N.A. now owns 9,943 shares of the technology company’s stock valued at $401,000 after acquiring an additional 1,417 shares during the period. Hedge funds and other institutional investors own 83.82% of the company’s stock.

Insiders Place Their Bets

In other Iridium Communications news, CAO Timothy Kapalka sold 2,382 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $51.25, for a total transaction of $122,077.50. Following the sale, the chief accounting officer now directly owns 19,896 shares in the company, valued at approximately $1,019,670. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Parker William Rush sold 27,363 shares of the business’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $52.00, for a total value of $1,422,876.00. Following the sale, the director now directly owns 190,044 shares in the company, valued at approximately $9,882,288. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Timothy Kapalka sold 2,382 shares of the business’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $51.25, for a total transaction of $122,077.50. Following the completion of the sale, the chief accounting officer now owns 19,896 shares in the company, valued at $1,019,670. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 104,412 shares of company stock worth $5,627,529. Corporate insiders own 2.50% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM opened at $60.62 on Wednesday. The stock has a market capitalization of $7.62 billion, a P/E ratio of 1,515.88 and a beta of 1.11. Iridium Communications Inc. has a 1 year low of $31.73 and a 1 year high of $62.48. The company’s fifty day moving average is $52.81 and its two-hundred day moving average is $47.73. The company has a debt-to-equity ratio of 1.37, a quick ratio of 2.52 and a current ratio of 2.82.

Iridium Communications (NASDAQ:IRDMGet Rating) last issued its earnings results on Thursday, October 20th. The technology company reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. The company had revenue of $184.04 million for the quarter, compared to analyst estimates of $180.91 million. Iridium Communications had a net margin of 0.53% and a return on equity of 0.30%. The business’s revenue was up 13.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.02) EPS. On average, sell-side analysts predict that Iridium Communications Inc. will post 0.08 earnings per share for the current year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 0.86%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on IRDM shares. Raymond James lifted their target price on shares of Iridium Communications from $51.00 to $60.00 and gave the company a “strong-buy” rating in a report on Friday, October 21st. Barclays cut shares of Iridium Communications from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $48.00 to $45.00 in a report on Wednesday, October 19th. BWS Financial lifted their target price on shares of Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, January 9th. Morgan Stanley boosted their price objective on shares of Iridium Communications from $50.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, October 17th. Finally, StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Monday, December 26th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $57.60.

About Iridium Communications

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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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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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