Cerity Partners LLC Has $815,000 Stock Holdings in Iridium Communications Inc (NASDAQ:IRDM)

Cerity Partners LLC trimmed its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 30.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,824 shares of the technology company’s stock after selling 12,823 shares during the quarter. Cerity Partners LLC’s holdings in Iridium Communications were worth $815,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. UMB Bank n.a. raised its stake in shares of Iridium Communications by 129.8% during the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company’s stock worth $38,000 after acquiring an additional 779 shares in the last quarter. Pinnacle Holdings LLC lifted its stake in shares of Iridium Communications by 45.4% in the 4th 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 during the last quarter. Cooksen Wealth LLC bought a new stake in Iridium Communications during the 1st quarter valued at $47,000. Covestor Ltd grew its stake 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. Finally, GAMMA Investing LLC grew its stake in Iridium Communications by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company’s stock worth $108,000 after buying an additional 488 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Iridium Communications Trading Up 1.7%

Shares of NASDAQ IRDM opened at $32.43 on Thursday. The firm has a 50-day moving average of $28.86 and a 200 day moving average of $28.03. Iridium Communications Inc has a 1 year low of $19.91 and a 1 year high of $35.85. The stock has a market cap of $3.51 billion, a P/E ratio of 30.59, a price-to-earnings-growth ratio of 1.07 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 released its quarterly earnings data 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 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 period last year, the business posted $0.17 EPS. As a group, sell-side analysts expect that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The business 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. This represents a $0.56 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Friday, June 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 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.