M&T Bank Corp Has $209,000 Stake in Iridium Communications Inc (NASDAQ:IRDM)

M&T Bank Corp decreased its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 8.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 7,644 shares of the technology company’s stock after selling 677 shares during the period. M&T Bank Corp’s holdings in Iridium Communications were worth $209,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Proficio Capital Partners LLC bought a new stake in Iridium Communications during the 4th quarter valued at approximately $408,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Iridium Communications by 12.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,064 shares of the technology company’s stock valued at $901,000 after purchasing an additional 3,350 shares during the period. Commonwealth Equity Services LLC boosted its stake in Iridium Communications by 4.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock valued at $553,000 after purchasing an additional 729 shares during the period. Intech Investment Management LLC boosted its stake in Iridium Communications by 498.5% during the 4th quarter. Intech Investment Management LLC now owns 66,142 shares of the technology company’s stock valued at $1,919,000 after purchasing an additional 55,091 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in Iridium Communications by 369.5% during the 4th quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company’s stock valued at $2,019,000 after purchasing an additional 54,747 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Price Performance

Iridium Communications stock opened at $32.08 on Friday. The company has a debt-to-equity ratio of 3.43, a current ratio of 1.99 and a quick ratio of 1.36. The company has a market capitalization of $3.47 billion, a PE ratio of 30.26, a price-to-earnings-growth ratio of 1.08 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 business has a 50 day simple moving average of $28.49 and a 200 day simple moving average of $27.98.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (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 firm had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same quarter in the previous year, the company posted $0.17 EPS. On average, sell-side analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.14 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.75%. Iridium Communications’s dividend payout ratio (DPR) is currently 52.83%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on IRDM. Oppenheimer began coverage on Iridium Communications in a research note on Monday, May 5th. They set an “outperform” rating and a $34.00 target price for the company. BWS Financial decreased their price objective on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. Finally, Wall Street Zen lowered Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Iridium Communications presently 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.