Zurcher Kantonalbank Zurich Cantonalbank Has $901,000 Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 12.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,064 shares of the technology company’s stock after purchasing an additional 3,350 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Iridium Communications were worth $901,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in Iridium Communications by 30.2% in the 4th quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock worth $7,264,000 after purchasing an additional 57,690 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Iridium Communications by 19.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock worth $3,970,000 after buying an additional 21,522 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Iridium Communications by 376.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company’s stock worth $141,000 after buying an additional 3,838 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Iridium Communications during the 4th quarter worth about $37,000. Finally, Inspire Investing LLC boosted its stake in shares of Iridium Communications by 185.7% during the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company’s stock worth $1,256,000 after buying an additional 28,119 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barclays reduced their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company. Finally, StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Friday.

Iridium Communications Trading Down 0.2 %

Shares of NASDAQ:IRDM opened at $27.55 on Friday. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $35.85. The company has a market capitalization of $3.00 billion, a P/E ratio of 29.00, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a 50-day simple moving average of $29.42 and a 200 day simple moving average of $29.37. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

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

Iridium Communications Dividend Announcement

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

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction dated Friday, January 10th. The shares were 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 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

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.