Geode Capital Management LLC Sells 79,157 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Geode Capital Management LLC decreased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,006,721 shares of the technology company’s stock after selling 79,157 shares during the quarter. Geode Capital Management LLC owned 1.76% of Iridium Communications worth $58,252,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after acquiring an additional 357 shares during the last quarter. EntryPoint Capital LLC lifted its position in Iridium Communications by 4.1% during the fourth quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock valued at $445,000 after purchasing an additional 600 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in Iridium Communications by 4.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock valued at $553,000 after purchasing an additional 729 shares during the period. Ballentine Partners LLC increased its position in Iridium Communications by 6.8% in the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock worth $340,000 after buying an additional 750 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in shares of Iridium Communications by 1.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock worth $2,230,000 after buying an additional 866 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Up 0.5 %

NASDAQ IRDM opened at $24.27 on Monday. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 12 month low of $22.18 and a 12 month high of $35.85. The stock’s 50 day moving average is $28.49 and its 200 day moving average is $29.16. The stock has a market cap of $2.64 billion, a PE ratio of 25.55, a P/E/G ratio of 1.28 and a beta of 0.66.

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

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.14 per share. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.31%. Iridium Communications’s payout ratio is 58.95%.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of recent research reports. Cantor Fitzgerald began coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Sunday, April 6th. Finally, Barclays lowered their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th.

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.