Iridium Communications Inc (NASDAQ:IRDM) Stock Position Lowered by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in Iridium Communications Inc (NASDAQ:IRDM) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 251,019 shares of the technology company’s stock after selling 10,115 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Iridium Communications worth $6,858,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. UMB Bank n.a. increased 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 purchasing an additional 779 shares during the period. Pinnacle Holdings LLC grew its position in Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after buying an additional 477 shares in the last quarter. Covestor Ltd increased its stake in Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after acquiring an additional 2,113 shares during the period. GAMMA Investing LLC raised its holdings in Iridium Communications by 14.1% in 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 in the last quarter. Finally, Salomon & Ludwin LLC acquired a new position in Iridium Communications in the 1st quarter valued at approximately $109,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

IRDM opened at $31.44 on Wednesday. The business’s 50-day moving average price is $28.16 and its two-hundred day moving average price is $27.91. 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 $3.40 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 1.08 and a beta of 0.79. 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 posted its 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 return on equity of 19.41% and a net margin of 14.68%. The company had revenue of $214.88 million for the quarter, compared to the consensus estimate of $211.78 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. Equities analysts expect 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 paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.78%. The ex-dividend date was Friday, June 13th. Iridium Communications’s payout ratio is presently 52.83%.

Analyst Upgrades and Downgrades

Several research firms have commented on IRDM. BWS Financial cut their price target on 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 upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. Oppenheimer started coverage on Iridium Communications in a research note on Monday, May 5th. They issued an “outperform” rating and a $34.00 price objective on the stock. Finally, Wall Street Zen lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. Two 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, Iridium Communications currently has an average rating of “Moderate Buy” and an average target price of $34.25.

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.