Wells Fargo & Company MN Sells 97,935 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Wells Fargo & Company MN reduced its position in Iridium Communications Inc. (NASDAQ:IRDM) by 83.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,038 shares of the technology company’s stock after selling 97,935 shares during the quarter. Wells Fargo & Company MN’s holdings in Iridium Communications were worth $552,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new position in shares of Iridium Communications in the 4th quarter valued at $32,000. SBI Securities Co. Ltd. acquired a new position in Iridium Communications in the fourth quarter worth about $37,000. Fifth Third Bancorp raised 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 purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Iridium Communications by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after purchasing an additional 1,074 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in Iridium Communications during the fourth quarter valued at approximately $131,000. 84.36% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on IRDM shares. Cantor Fitzgerald began coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company. William Blair upgraded shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. BWS Financial dropped their target price on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.33.

Iridium Communications Stock Up 4.6 %

Shares of NASDAQ IRDM opened at $25.17 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 26.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a 12-month low of $19.91 and a 12-month high of $35.85. The firm’s 50-day simple moving average is $26.46 and its 200 day simple moving average is $28.49.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.22 by $0.05. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $214.88 million for the quarter, compared to analysts’ expectations of $211.78 million. During the same period in the prior year, the firm earned $0.17 earnings per share. On average, research analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s dividend payout ratio is 52.83%.

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.