Xponance Inc. Decreases Position in Iridium Communications Inc. (NASDAQ:IRDM)

Xponance Inc. cut its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 5.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,009 shares of the technology company’s stock after selling 1,500 shares during the period. Xponance Inc.’s holdings in Iridium Communications were worth $1,071,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IRDM. National Bank of Canada FI raised its position in Iridium Communications by 20.4% during the third quarter. National Bank of Canada FI now owns 25,507 shares of the technology company’s stock valued at $1,132,000 after purchasing an additional 4,325 shares during the period. SG Americas Securities LLC raised its holdings in shares of Iridium Communications by 2,583.5% in the third quarter. SG Americas Securities LLC now owns 54,448 shares of the technology company’s stock worth $2,477,000 after buying an additional 52,419 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of Iridium Communications by 766.1% in the third quarter. Exchange Traded Concepts LLC now owns 12,056 shares of the technology company’s stock worth $548,000 after buying an additional 10,664 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in shares of Iridium Communications in the third quarter worth approximately $125,000. Finally, Commonwealth Equity Services LLC raised its holdings in shares of Iridium Communications by 25.3% in the third quarter. Commonwealth Equity Services LLC now owns 8,034 shares of the technology company’s stock worth $365,000 after buying an additional 1,622 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Stock Up 1.9 %

Shares of NASDAQ:IRDM opened at $29.28 on Thursday. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $66.15. The stock has a market cap of $3.56 billion, a P/E ratio of 139.43 and a beta of 0.85. The business’s 50 day moving average is $27.41 and its 200 day moving average is $34.57. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The business had revenue of $203.80 million for the quarter, compared to analysts’ expectations of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.08 EPS. Sell-side analysts predict that Iridium Communications Inc. will post 0.74 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.52 annualized dividend and a yield of 1.78%. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on IRDM shares. Barclays reduced their price target on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. BWS Financial reiterated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday. Raymond James reduced their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. Finally, William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.25.

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.