Values First Advisors Inc. Lowers Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Values First Advisors Inc. decreased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 10.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 12,259 shares of the technology company’s stock after selling 1,422 shares during the quarter. Values First Advisors Inc.’s holdings in Iridium Communications were worth $356,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in IRDM. Nordea Investment Management AB boosted its stake in Iridium Communications by 30.2% in the 4th quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock worth $7,264,000 after purchasing an additional 57,690 shares during the period. Impax Asset Management Group plc purchased a new position in shares of Iridium Communications in the third quarter worth $697,000. Thrivent Financial for Lutherans boosted its position in shares of Iridium Communications by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock worth $3,970,000 after acquiring an additional 21,522 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Iridium Communications by 545.7% during the third quarter. Blue Trust Inc. now owns 9,628 shares of the technology company’s stock worth $293,000 after acquiring an additional 8,137 shares during the last quarter. Finally, Riverwater Partners LLC grew its stake in Iridium Communications by 406.3% during the third quarter. Riverwater Partners LLC now owns 85,146 shares of the technology company’s stock valued at $2,666,000 after acquiring an additional 68,329 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Down 0.3 %

Shares of IRDM opened at $27.72 on Thursday. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 29.49 and a beta of 0.65. The company has a 50-day moving average of $29.13 and a 200 day moving average of $28.81. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $36.32.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $0.14 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.02%. Iridium Communications’s payout ratio is 59.58%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IRDM. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Monday, October 21st. Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $40.75.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by company insiders.

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.