Iridium Communications (NASDAQ:IRDM) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Iridium Communications (NASDAQ:IRDMFree Report) from a buy rating to a hold rating in a research note issued to investors on Thursday.

Several other research firms also recently issued reports on IRDM. Barclays reduced their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the stock.

Get Our Latest Analysis on IRDM

Iridium Communications Stock Up 2.7 %

Shares of IRDM opened at $27.59 on Thursday. The company has a market capitalization of $3.00 billion, a P/E ratio of 29.04, a PEG ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications has a one year low of $24.14 and a one year high of $35.85. The business’s 50 day simple moving average is $29.57 and its 200-day simple moving average is $29.34.

Iridium Communications (NASDAQ:IRDMGet Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. As a group, sell-side analysts predict that Iridium Communications will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is currently 58.95%.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IRDM. Norges Bank acquired a new position in shares of Iridium Communications in the 4th quarter valued at $28,240,000. American Century Companies Inc. lifted its stake in shares of Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock valued at $50,374,000 after purchasing an additional 841,951 shares during the period. Schroder Investment Management Group increased its position in shares of Iridium Communications by 44.7% in the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock valued at $64,125,000 after buying an additional 683,777 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Iridium Communications in the 4th quarter valued at $17,613,000. Finally, ArrowMark Colorado Holdings LLC increased its position in shares of Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock valued at $60,595,000 after buying an additional 567,164 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Company Profile

(Get Free Report)

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.

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