Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,421 shares of the technology company’s stock after selling 405 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Iridium Communications were worth $264,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Northwest Financial Advisors purchased a new stake in Iridium Communications during the fourth quarter worth about $26,000. Allspring Global Investments Holdings LLC purchased a new stake in Iridium Communications during the fourth quarter worth about $41,000. Headlands Technologies LLC purchased a new stake in Iridium Communications during the fourth quarter worth about $60,000. Quarry LP increased its stake 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 purchasing an additional 1,694 shares during the period. Finally, ORG Partners LLC increased its stake in Iridium Communications by 20.6% during the fourth quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock worth $132,000 after purchasing an additional 550 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analysts Set New Price Targets

IRDM has been the topic of a number of recent research reports. BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday, April 22nd. Barclays boosted their price target on shares of Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Three 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 company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.75.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $26.56 on Tuesday. The firm has a market capitalization of $3.23 billion, a P/E ratio of 126.48 and a beta of 0.65. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $61.84. 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 firm’s 50 day moving average is $28.92 and its two-hundred day moving average is $31.14.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. The company had revenue of $203.80 million for 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 firm’s revenue was down .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 earnings per share. Research analysts forecast that Iridium Communications Inc. will post 0.74 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.14 dividend. This is an increase from Iridium Communications’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 2.11%. The ex-dividend date was Friday, June 14th. Iridium Communications’s dividend payout ratio is presently 266.67%.

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.