Peapack Gladstone Financial Corp Trims Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Peapack Gladstone Financial Corp reduced its stake in Iridium Communications Inc. (NASDAQ:IRDMFree Report) by 46.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,258 shares of the technology company’s stock after selling 7,300 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Iridium Communications were worth $340,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Treasurer of the State of North Carolina raised its stake in shares of Iridium Communications by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 54,770 shares of the technology company’s stock worth $2,491,000 after buying an additional 280 shares during the period. 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. Vanguard Personalized Indexing Management LLC lifted its holdings in Iridium Communications by 7.7% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 6,456 shares of the technology company’s stock valued at $294,000 after purchasing an additional 459 shares in the last quarter. ORG Partners LLC lifted its holdings in Iridium Communications by 20.6% during the fourth quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock valued at $132,000 after purchasing an additional 550 shares in the last quarter. Finally, Northwest Financial Advisors bought a new position in shares of Iridium Communications in the fourth quarter worth approximately $26,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on IRDM. Barclays lifted their target price on shares of Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research note on Monday, April 22nd. Finally, 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. Three 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.75.

Check Out Our Latest Stock Report on Iridium Communications

Iridium Communications Stock Performance

NASDAQ IRDM opened at $28.58 on Friday. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $65.12. The business has a 50 day simple moving average of $28.60 and a two-hundred day simple moving average of $32.73. The stock has a market capitalization of $3.47 billion, a PE ratio of 136.10 and a beta of 0.68.

Iridium Communications (NASDAQ:IRDMGet Free Report) last posted its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. Iridium Communications’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period last year, the firm posted $0.08 earnings per share. On average, research analysts predict that Iridium Communications Inc. will post 0.74 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.96%. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, June 14th. Iridium Communications’s dividend payout ratio is currently 247.62%.

Iridium Communications Profile

(Free Report)

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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