Swiss National Bank Sells 3,800 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Swiss National Bank lessened its position in Iridium Communications Inc. (NASDAQ:IRDM) by 1.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 209,600 shares of the technology company’s stock after selling 3,800 shares during the quarter. Swiss National Bank owned about 0.18% of Iridium Communications worth $6,083,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Plato Investment Management Ltd bought a new position in Iridium Communications in the fourth quarter worth $32,000. SBI Securities Co. Ltd. acquired a new position in shares of Iridium Communications during the fourth quarter worth approximately $37,000. Fifth Third Bancorp increased its stake in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares during the period. GAMMA Investing LLC boosted its stake in shares of Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in 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 acquiring an additional 3,838 shares during the period. Institutional investors own 84.36% of the company’s stock.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction on 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 owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is currently owned by corporate insiders.

Iridium Communications Stock Performance

Shares of IRDM opened at $27.65 on Monday. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The company has a market cap of $3.01 billion, a PE ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The firm has a 50-day moving average of $29.40 and a 200-day moving average of $29.41. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly 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. The business had revenue of $212.99 million during 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%. As a group, equities analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed 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. This represents a $0.56 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s dividend payout ratio is 58.95%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IRDM. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company. Barclays dropped their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Friday.

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.