Iridium Communications Inc. (NASDAQ:IRDM) Stock Position Lessened by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. decreased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 20.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,766 shares of the technology company’s stock after selling 3,518 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Iridium Communications were worth $567,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of IRDM. SG Americas Securities LLC grew its stake 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 purchasing an additional 52,419 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Iridium Communications by 766.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 12,056 shares of the technology company’s stock valued at $548,000 after purchasing an additional 10,664 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Iridium Communications by 25.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 8,034 shares of the technology company’s stock valued at $365,000 after purchasing an additional 1,622 shares during the period. Ceredex Value Advisors LLC acquired a new position in shares of Iridium Communications in the 3rd quarter valued at $8,700,000. Finally, Redmond Asset Management LLC boosted its position in shares of Iridium Communications by 34.6% in the 3rd quarter. Redmond Asset Management LLC now owns 63,012 shares of the technology company’s stock valued at $2,866,000 after purchasing an additional 16,198 shares during the period. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Up 1.4 %

Shares of Iridium Communications stock opened at $29.69 on Friday. The stock has a 50-day moving average price of $27.29 and a 200 day moving average price of $34.53. The company has a market cap of $3.61 billion, a P/E ratio of 138.86 and a beta of 0.85. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $65.69.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The firm had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period in the prior year, the business earned $0.08 EPS. The business’s revenue for the quarter was down .7% on a year-over-year basis. As a group, analysts expect that Iridium Communications Inc. will post 0.73 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

Analysts Set New Price Targets

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

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.