IFM Investors Pty Ltd Sells 432 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

IFM Investors Pty Ltd lessened its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 3.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,060 shares of the technology company’s stock after selling 432 shares during the quarter. IFM Investors Pty Ltd’s holdings in Iridium Communications were worth $368,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of IRDM. Northwest Financial Advisors bought a new stake in Iridium Communications during the fourth quarter worth $26,000. Allspring Global Investments Holdings LLC bought a new stake in Iridium Communications during the fourth quarter worth $41,000. Covestor Ltd lifted its holdings in Iridium Communications by 83.2% during the third quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after acquiring an additional 457 shares during the period. Headlands Technologies LLC bought a new stake in Iridium Communications during the fourth quarter worth $60,000. Finally, Quarry LP lifted its holdings in Iridium Communications by 691.4% during the fourth quarter. Quarry LP now owns 1,939 shares of the technology company’s stock worth $80,000 after acquiring an additional 1,694 shares during the period. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on IRDM. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Barclays lifted their price target on Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Raymond James reduced their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. Finally, BWS Financial reiterated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.75.

Iridium Communications Price Performance

IRDM stock traded up $1.68 during mid-day trading on Friday, hitting $31.37. 2,367,458 shares of the stock were exchanged, compared to its average volume of 1,286,132. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. The business has a fifty day moving average price of $27.30 and a 200 day moving average price of $34.28. Iridium Communications Inc. has a 12 month low of $24.14 and a 12 month high of $65.69. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of 149.38 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same quarter in the previous year, the company posted $0.08 EPS. Iridium Communications’s revenue for the quarter was down .7% on a year-over-year basis. On average, sell-side analysts anticipate that Iridium Communications Inc. will post 0.73 EPS for the current year.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date was Thursday, March 14th. Iridium Communications’s payout ratio is 247.62%.

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.