Bank of New York Mellon Corp Has $35.18 Million Stock Position in Iridium Communications Inc (NASDAQ:IRDM)

Bank of New York Mellon Corp reduced its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 0.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,287,755 shares of the technology company’s stock after selling 9,921 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.19% of Iridium Communications worth $35,181,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in IRDM. UMB Bank n.a. boosted its holdings in shares of Iridium Communications by 129.8% during the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company’s stock worth $38,000 after buying an additional 779 shares in the last quarter. Pinnacle Holdings LLC grew its position in Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after purchasing an additional 477 shares in the last quarter. Covestor Ltd grew its position in Iridium Communications by 529.6% in the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock worth $73,000 after purchasing an additional 2,113 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Iridium Communications by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company’s stock valued at $108,000 after acquiring an additional 488 shares during the period. Finally, Salomon & Ludwin LLC bought a new position in shares of Iridium Communications during the 1st quarter valued at approximately $109,000. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 0.8%

NASDAQ:IRDM opened at $31.71 on Tuesday. The company’s 50-day simple moving average is $27.93 and its 200 day simple moving average is $27.87. The firm has a market capitalization of $3.43 billion, a P/E ratio of 29.92, a PEG ratio of 1.07 and a beta of 0.79. Iridium Communications Inc has a one year low of $19.91 and a one year high of $35.85. The company has a debt-to-equity ratio of 3.43, a current ratio of 1.99 and a quick ratio of 1.36.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. Iridium Communications had a net margin of 14.68% and a return on equity of 19.41%. The firm had revenue of $214.88 million during the quarter, compared to analysts’ expectations of $211.78 million. During the same period in the previous year, the company earned $0.17 earnings per share. As a group, analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.77%. Iridium Communications’s dividend payout ratio is currently 52.83%.

Analyst Ratings Changes

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

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.