Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. cut its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 10.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,629 shares of the technology company’s stock after selling 933 shares during the period. Crossmark Global Holdings Inc.’s holdings in Iridium Communications were worth $203,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Iridium Communications during the fourth quarter worth approximately $55,079,000. Nikko Asset Management Americas Inc. raised its position in Iridium Communications by 44.9% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 1,743,482 shares of the technology company’s stock worth $71,762,000 after buying an additional 539,909 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Iridium Communications by 18.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock worth $65,897,000 after acquiring an additional 385,872 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Iridium Communications by 2.9% in the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after acquiring an additional 336,989 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Iridium Communications during the first quarter worth about $7,437,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. BWS Financial reiterated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays raised their target price on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and an average target price of $45.00.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $27.78 on Friday. The stock has a fifty day moving average price of $26.83 and a 200 day moving average price of $27.64. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25. The stock has a market cap of $3.37 billion, a PE ratio of 132.29 and a beta of 0.65. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $51.62.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.17 by $0.10. The business had revenue of $201.07 million for the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.24) earnings per share. Sell-side analysts forecast that Iridium Communications Inc. will post 0.81 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 2.02%. Iridium Communications’s payout ratio is currently 266.67%.

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.