Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its position in Iridium Communications Inc. (NASDAQ:IRDM) by 23.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 243,920 shares of the technology company’s stock after selling 75,185 shares during the period. Bank of America Corp DE owned approximately 0.21% of Iridium Communications worth $7,079,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in IRDM. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $32,000. SBI Securities Co. Ltd. acquired a new position in Iridium Communications in the fourth quarter worth about $37,000. Pinnacle Holdings LLC increased its holdings in Iridium Communications by 45.4% in the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after buying an additional 477 shares during the last quarter. Fifth Third Bancorp raised its stake in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Iridium Communications by 529.6% during the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock worth $73,000 after buying an additional 2,113 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Barclays decreased their price target 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. William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. BWS Financial reduced their price objective on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Oppenheimer started coverage on shares of Iridium Communications in a research report on Monday, May 5th. They set an “outperform” rating and a $34.00 price target on the stock. Finally, Wall Street Zen lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $34.25.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $25.22 on Monday. The company has a market capitalization of $2.73 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The stock has a fifty day moving average of $25.32 and a 200-day moving average of $28.04. Iridium Communications Inc. has a one year low of $19.91 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping 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 company had revenue of $214.88 million during the quarter, compared to analysts’ expectations of $211.78 million. During the same period last year, the company posted $0.17 earnings per share. As a group, equities analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, June 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 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.