Amalgamated Bank Lowers Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Amalgamated Bank reduced its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 10.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 61,599 shares of the technology company’s stock after selling 7,091 shares during the period. Amalgamated Bank owned approximately 0.05% of Iridium Communications worth $1,640,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Iridium Communications by 7,684.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Iridium Communications in the first quarter worth approximately $29,000. Mather Group LLC. bought a new position in Iridium Communications during the second quarter valued at approximately $32,000. Blue Trust Inc. raised its stake in shares of Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after acquiring an additional 780 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications in the 2nd quarter valued at $45,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

IRDM stock opened at $29.49 on Thursday. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 140.43 and a beta of 0.64. The firm’s 50-day moving average price is $27.26 and its two-hundred day moving average price is $27.52. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $47.33.

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

Iridium Communications declared that its Board of Directors has initiated a share buyback plan on Thursday, September 19th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 14.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. Iridium Communications’s dividend payout ratio is presently 266.67%.

Analysts Set New Price Targets

IRDM has been the topic of a number of analyst reports. BWS Financial reiterated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays boosted their target price on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Company 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.