Bank of New York Mellon Corp Sells 21,606 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Bank of New York Mellon Corp decreased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 1.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,152,987 shares of the technology company’s stock after selling 21,606 shares during the period. Bank of New York Mellon Corp owned 0.95% of Iridium Communications worth $30,693,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Northwest Financial Advisors purchased a new stake in shares of Iridium Communications in the fourth quarter worth about $26,000. State of Michigan Retirement System boosted its position in shares of Iridium Communications by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after acquiring an additional 700 shares during the last quarter. Mcdonald Partners LLC grew its holdings in shares of Iridium Communications by 4.1% during the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock worth $477,000 after purchasing an additional 700 shares in the last quarter. Blue Trust Inc. increased its position in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after purchasing an additional 780 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Iridium Communications by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 35,600 shares of the technology company’s stock valued at $931,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 5.6 %

IRDM opened at $27.24 on Wednesday. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $51.62. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. The business has a 50 day simple moving average of $26.80 and a two-hundred day simple moving average of $27.64. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 129.71 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. The company had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.24) earnings per share. Analysts predict that Iridium Communications Inc. will post 0.81 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.14 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 2.06%. Iridium Communications’s dividend payout ratio is 266.67%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on IRDM shares. Barclays lifted their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Iridium Communications presently has an average rating of “Moderate Buy” and a consensus price target of $45.00.

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.