Iridium Communications Inc $IRDM Shares Sold by Amova Asset Management Americas Inc.

Amova Asset Management Americas Inc. reduced its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 34.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 736,973 shares of the technology company’s stock after selling 380,979 shares during the quarter. Amova Asset Management Americas Inc. owned 0.70% of Iridium Communications worth $20,444,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in IRDM. Vanguard Group Inc. grew its position in Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after buying an additional 677,258 shares in the last quarter. Silver Heights Capital Management Inc boosted its holdings in shares of Iridium Communications by 1.2% in the fourth quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock valued at $91,265,000 after acquiring an additional 61,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Iridium Communications by 130.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company’s stock valued at $7,044,000 after acquiring an additional 224,322 shares during the period. JPMorgan Chase & Co. raised its holdings in Iridium Communications by 8.9% during the third quarter. JPMorgan Chase & Co. now owns 612,610 shares of the technology company’s stock worth $10,696,000 after purchasing an additional 50,239 shares in the last quarter. Finally, Maxi Investments CY Ltd bought a new stake in Iridium Communications during the fourth quarter worth approximately $7,369,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Down 0.6%

Iridium Communications stock opened at $46.41 on Tuesday. The company has a market capitalization of $4.91 billion, a P/E ratio of 46.88, a P/E/G ratio of 2.78 and a beta of 0.87. The firm’s fifty day simple moving average is $47.65 and its 200-day simple moving average is $34.16. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $57.18.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). The company had revenue of $219.06 million during the quarter, compared to analyst estimates of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.Iridium Communications’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.27 EPS. Sell-side analysts forecast that Iridium Communications Inc will post 1.05 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Monday, June 15th. Iridium Communications’s payout ratio is presently 60.61%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IRDM. New Street Research started coverage on Iridium Communications in a research report on Thursday, May 14th. They set a “neutral” rating and a $40.00 price target on the stock. William Blair cut shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Oppenheimer lifted their target price on Iridium Communications from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Morgan Stanley lifted their price target on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $38.67.

Iridium Communications Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.