Swiss National Bank Sells 11,100 Shares of Iridium Communications Inc $IRDM

Swiss National Bank lessened its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 5.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 198,500 shares of the technology company’s stock after selling 11,100 shares during the quarter. Swiss National Bank owned approximately 0.18% of Iridium Communications worth $5,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of IRDM. ARK Investment Management LLC lifted its holdings in shares of Iridium Communications by 95.1% in the 1st quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company’s stock valued at $133,641,000 after acquiring an additional 2,383,962 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Iridium Communications by 37.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company’s stock valued at $106,361,000 after buying an additional 1,064,093 shares during the period. Nikko Asset Management Americas Inc. increased its holdings in Iridium Communications by 37.5% during the first quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company’s stock valued at $106,210,000 after buying an additional 1,061,465 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in Iridium Communications by 37.3% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock worth $60,595,000 after purchasing an additional 567,164 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Iridium Communications by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,062,066 shares of the technology company’s stock worth $59,841,000 after purchasing an additional 149,606 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $24.65 on Tuesday. 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 3.82, a quick ratio of 1.75 and a current ratio of 2.51. The company has a 50 day moving average price of $28.39 and a 200 day moving average price of $27.49. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 24.90, a price-to-earnings-growth ratio of 0.91 and a beta of 0.76.

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 analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $216.91 million for the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. Iridium Communications’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.27 earnings per share. Sell-side analysts anticipate that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Monday, September 15th. This is an increase from Iridium Communications’s previous quarterly dividend of $0.14. Iridium Communications’s payout ratio is 60.61%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, August 1st. Barclays decreased their price objective on shares of Iridium Communications from $38.00 to $31.00 and set an “overweight” rating for the company in a research report on Monday, July 28th. William Blair upgraded shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 22nd. BWS Financial reduced their price target on shares of Iridium Communications from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Finally, Oppenheimer initiated coverage on shares of Iridium Communications in a research report on Monday, May 5th. They set an “outperform” rating and a $34.00 price target for the company. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus target price 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.