AtonRa Partners Sells 1,296 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

AtonRa Partners reduced its position in Iridium Communications Inc. (NASDAQ:IRDM) by 14.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,803 shares of the technology company’s stock after selling 1,296 shares during the period. AtonRa Partners’ holdings in Iridium Communications were worth $321,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of IRDM. Allspring Global Investments Holdings LLC purchased a new position in shares of Iridium Communications in the 4th quarter valued at approximately $41,000. Covestor Ltd raised its position in shares of Iridium Communications by 83.2% in the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock valued at $46,000 after purchasing an additional 457 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Iridium Communications in the 4th quarter valued at approximately $60,000. ORG Partners LLC raised its position in shares of Iridium Communications by 20.6% in the 4th quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock valued at $132,000 after purchasing an additional 550 shares during the last quarter. Finally, Malaga Cove Capital LLC purchased a new position in shares of Iridium Communications in the 3rd quarter valued at approximately $234,000. 84.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on IRDM shares. Barclays increased their price objective on shares of Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday. BWS Financial reissued a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research report on Monday, April 22nd. William Blair lowered shares of 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 shares of 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, TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.75.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM traded up $0.43 during trading on Monday, hitting $31.80. 2,120,327 shares of the stock traded hands, compared to its average volume of 1,172,550. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 151.43 and a beta of 0.85. The company has a fifty day moving average price of $27.30 and a two-hundred day moving average price of $34.28. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $65.69.

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

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 1.64%. Iridium Communications’s dividend payout ratio is currently 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.