Iridium Communications Inc $IRDM Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lessened its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 64.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,406 shares of the technology company’s stock after selling 13,204 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Iridium Communications were worth $236,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. ARK Investment Management LLC boosted its stake in Iridium Communications by 95.1% during the 1st quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company’s stock worth $133,641,000 after purchasing an additional 2,383,962 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in Iridium Communications by 37.6% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company’s stock worth $106,361,000 after purchasing an additional 1,064,093 shares during the period. Nikko Asset Management Americas Inc. boosted its stake in Iridium Communications by 37.5% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company’s stock worth $106,210,000 after purchasing an additional 1,061,465 shares during the period. American Century Companies Inc. boosted its stake in Iridium Communications by 26.6% during the 1st quarter. American Century Companies Inc. now owns 2,198,343 shares of the technology company’s stock worth $60,059,000 after purchasing an additional 462,501 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Iridium Communications by 13.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,945,852 shares of the technology company’s stock worth $53,162,000 after purchasing an additional 234,813 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on IRDM shares. Barclays cut their price target on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. BWS Financial downgraded shares of Iridium Communications from a “neutral” rating to a “sell” rating and cut their price target for the company from $25.00 to $16.00 in a report on Tuesday, September 9th. Morgan Stanley cut their price target on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, August 1st. Raymond James Financial downgraded shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and cut their price target for the company from $39.00 to $26.00 in a report on Thursday, September 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Iridium Communications in a report on Wednesday. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Iridium Communications currently has a consensus rating of “Moderate Buy” and an average target price of $29.67.

Iridium Communications Trading Down 6.8%

IRDM opened at $18.38 on Friday. The firm has a market capitalization of $1.95 billion, a P/E ratio of 18.57, a P/E/G ratio of 0.72 and a beta of 0.70. The firm’s 50 day moving average is $21.53 and its 200-day moving average is $25.11. Iridium Communications Inc has a 52-week low of $17.08 and a 52-week high of $35.85. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The company had revenue of $216.91 million during the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 EPS. Analysts expect that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a $0.15 dividend. This is a boost from Iridium Communications’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, September 15th. Iridium Communications’s dividend payout ratio is presently 60.61%.

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.