Principal Financial Group Inc. Sells 13,231 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Principal Financial Group Inc. cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 4.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 261,134 shares of the technology company’s stock after selling 13,231 shares during the period. Principal Financial Group Inc. owned 0.23% of Iridium Communications worth $7,578,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of IRDM. Capital Performance Advisors LLP purchased a new stake in shares of Iridium Communications in the 3rd quarter worth $57,000. Fifth Third Bancorp increased its position in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after buying an additional 357 shares in the last quarter. GAMMA Investing LLC increased its position in Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after buying an additional 1,074 shares in the last quarter. KBC Group NV raised its stake in shares of Iridium Communications by 25.9% in the third quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock worth $116,000 after buying an additional 781 shares during the period. Finally, Allworth Financial LP lifted its holdings in Iridium Communications by 491.9% during the fourth quarter. Allworth Financial LP now owns 5,747 shares of the technology company’s stock valued at $167,000 after purchasing an additional 4,776 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a research note on Thursday. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $31.56 on Friday. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 33.22, a PEG ratio of 1.28 and a beta of 0.65. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The business has a 50 day simple moving average of $29.53 and a 200-day simple moving average of $29.16. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. Equities analysts forecast that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is currently 58.95%.

Insiders Place Their Bets

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by insiders.

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.