Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Cullen Investment Group LTD.

Cullen Investment Group LTD. reduced its position in Iridium Communications Inc. (NASDAQ:IRDM) by 6.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,178 shares of the technology company’s stock after selling 2,427 shares during the period. Cullen Investment Group LTD.’s holdings in Iridium Communications were worth $888,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Treasurer of the State of North Carolina increased its holdings in Iridium Communications by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 54,770 shares of the technology company’s stock worth $2,491,000 after purchasing an additional 280 shares during the last quarter. Covestor Ltd grew 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 worth $46,000 after acquiring an additional 457 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Iridium Communications by 7.7% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 6,456 shares of the technology company’s stock worth $294,000 after acquiring an additional 459 shares in the last quarter. ORG Partners LLC grew 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 worth $132,000 after acquiring an additional 550 shares in the last quarter. Finally, Northwest Financial Advisors acquired a new position in shares of Iridium Communications in the 4th quarter worth approximately $26,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Trading Down 2.4 %

Shares of IRDM stock opened at $25.62 on Thursday. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $63.83. The stock has a fifty day moving average of $28.90 and a two-hundred day moving average of $31.99. The firm has a market capitalization of $3.11 billion, a PE ratio of 122.00 and a beta of 0.68.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping 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 firm posted $0.08 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. As a group, research analysts expect that Iridium Communications Inc. will post 0.74 EPS for the current year.

Iridium Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Friday, June 14th. This is a positive change from Iridium Communications’s previous quarterly dividend of $0.13. Iridium Communications’s payout ratio is 266.67%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on IRDM shares. BWS Financial reiterated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, April 22nd. Barclays boosted their price objective on Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.75.

Iridium Communications 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.