Rhumbline Advisers Sells 17,485 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Rhumbline Advisers trimmed its position in Iridium Communications Inc. (NASDAQ:IRDM) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 299,969 shares of the technology company’s stock after selling 17,485 shares during the period. Rhumbline Advisers owned approximately 0.28% of Iridium Communications worth $8,195,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Pinnacle Holdings LLC lifted its holdings in shares of 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 purchasing an additional 477 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Iridium Communications by 6.6% in the fourth quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock valued at $235,000 after purchasing an additional 500 shares in the last quarter. EntryPoint Capital LLC increased its position in shares of Iridium Communications by 4.1% in the fourth quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock valued at $445,000 after acquiring an additional 600 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Iridium Communications by 4.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock valued at $553,000 after acquiring an additional 729 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position 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 valued at $2,230,000 after acquiring an additional 866 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IRDM has been the topic of a number of recent research reports. William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 22nd. BWS Financial lowered their target price on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. Oppenheimer initiated coverage on Iridium Communications in a research report on Monday, May 5th. They issued an “outperform” rating and a $34.00 target price on the stock. Barclays lowered their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Finally, Wall Street Zen downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.25.

Iridium Communications Trading Up 1.3%

Shares of Iridium Communications stock opened at $28.94 on Wednesday. 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 fifty day simple moving average of $25.00 and a two-hundred day simple moving average of $27.85. Iridium Communications Inc. has a 1 year low of $19.91 and a 1 year high of $35.85. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of 30.46, a P/E/G ratio of 1.28 and a beta of 0.75.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter last year, the company posted $0.17 EPS. Research analysts forecast that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.14 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.94%. Iridium Communications’s dividend payout ratio (DPR) is currently 52.83%.

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.