Bamco Inc. NY Sells 893,377 Shares of Iridium Communications Inc $IRDM

Bamco Inc. NY lessened its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 9.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,377,907 shares of the technology company’s stock after selling 893,377 shares during the quarter. Iridium Communications comprises about 0.7% of Bamco Inc. NY’s investment portfolio, making the stock its 25th largest position. Bamco Inc. NY owned approximately 7.90% of Iridium Communications worth $252,761,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new stake in Iridium Communications during the 1st quarter worth about $30,000. Johnson Financial Group Inc. bought a new position in shares of Iridium Communications in the 2nd quarter valued at about $70,000. Summit Securities Group LLC acquired a new stake in shares of Iridium Communications during the 1st quarter worth approximately $72,000. Carolina Wealth Advisors LLC bought a new stake in shares of Iridium Communications during the second quarter worth approximately $76,000. Finally, Financiere des Professionnels Fonds d investissement inc. acquired a new position in Iridium Communications in the second quarter valued at approximately $156,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Iridium Communications news, Director Thomas Fitzpatrick sold 20,839 shares of Iridium Communications stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $18.00, for a total value of $375,102.00. Following the transaction, the director owned 231,034 shares of the company’s stock, valued at approximately $4,158,612. The trade was a 8.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert H. Niehaus purchased 30,000 shares of Iridium Communications stock in a transaction dated Tuesday, October 28th. The stock was bought at an average price of $17.49 per share, with a total value of $524,700.00. Following the acquisition, the director directly owned 297,363 shares of the company’s stock, valued at approximately $5,200,878.87. This trade represents a 11.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 30,967 shares of company stock worth $557,406 in the last 90 days. Corporate insiders own 2.40% of the company’s stock.

Iridium Communications Trading Down 0.4%

Shares of NASDAQ IRDM opened at $18.73 on Friday. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $34.45. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 16.58, a P/E/G ratio of 1.20 and a beta of 0.61. The company has a quick ratio of 1.93, a current ratio of 2.67 and a debt-to-equity ratio of 4.02. The company’s fifty day moving average is $17.71 and its 200-day moving average is $22.77.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.26 by $0.09. The business had revenue of $226.94 million for the quarter, compared to the consensus estimate of $222.13 million. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The firm’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.21 EPS. Equities research analysts predict that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.2%. Iridium Communications’s dividend payout ratio (DPR) is currently 53.10%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Weiss Ratings lowered shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Raymond James Financial lowered Iridium Communications from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. BWS Financial reaffirmed a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research note on Friday, October 24th. Finally, Barclays cut their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 1st. Six investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.67.

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.