US Bancorp DE Trims Stake in Iridium Communications Inc (NASDAQ:IRDM)

US Bancorp DE decreased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 21.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 7,767 shares of the technology company’s stock after selling 2,172 shares during the period. US Bancorp DE’s holdings in Iridium Communications were worth $212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IRDM. UMB Bank n.a. grew its stake in shares of Iridium Communications by 129.8% in 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 during the last quarter. Cooksen Wealth LLC purchased a new stake in shares of Iridium Communications in the 1st quarter worth approximately $47,000. SBI Securities Co. Ltd. grew its stake in shares of Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock worth $48,000 after buying an additional 476 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Iridium Communications by 14.1% in 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. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Iridium Communications in the 1st quarter worth approximately $109,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

NASDAQ IRDM opened at $25.01 on Friday. The business’s fifty day moving average price is $28.47 and its 200-day moving average price is $27.53. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 25.26, a PEG ratio of 0.91 and a beta of 0.76. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. Iridium Communications Inc has a 1-year low of $19.91 and a 1-year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $216.91 million for the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. Iridium Communications’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.27 earnings per share. On average, equities analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.15 dividend. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, September 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. Iridium Communications’s dividend payout ratio (DPR) is currently 60.61%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IRDM. William Blair upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 22nd. Wall Street Zen cut Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Oppenheimer began coverage on Iridium Communications in a research report on Monday, May 5th. They issued an “outperform” rating and a $34.00 price objective on the stock. Morgan Stanley lowered their price objective on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, August 1st. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $39.00 price objective (down from $47.00) on shares of Iridium Communications in a research report on Friday, July 25th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Iridium Communications currently has an average rating of “Moderate Buy” and an average price target of $34.33.

Iridium Communications 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.