Rhumbline Advisers Sells 4,407 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Rhumbline Advisers trimmed its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 1.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 317,454 shares of the technology company’s stock after selling 4,407 shares during the period. Rhumbline Advisers’ holdings in Iridium Communications were worth $9,212,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of IRDM. Sumitomo Mitsui Trust Group Inc. grew its position in Iridium Communications by 12.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after purchasing an additional 320,506 shares during the period. FMR LLC boosted its stake in shares of Iridium Communications by 26.7% in the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after buying an additional 198,360 shares during the last quarter. Weiss Asset Management LP purchased a new position in shares of Iridium Communications in the 3rd quarter worth $4,614,000. Barclays PLC grew its holdings in shares of Iridium Communications by 19.2% in the third quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock worth $26,093,000 after acquiring an additional 137,924 shares during the period. Finally, Algert Global LLC increased its position in Iridium Communications by 54.0% during the third quarter. Algert Global LLC now owns 365,121 shares of the technology company’s stock valued at $11,118,000 after acquiring an additional 128,018 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald started coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company.

Insiders Place Their Bets

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s 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 transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.00% of the company’s stock.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $31.43 on Tuesday. The stock has a market cap of $3.42 billion, a P/E ratio of 33.08, a P/E/G ratio of 1.28 and a beta of 0.65. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The stock’s fifty day moving average is $29.34 and its 200 day moving average is $29.04. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85.

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

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.78%. The ex-dividend date was Monday, December 16th. Iridium Communications’s dividend payout ratio is currently 58.95%.

About Iridium Communications

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.