Thrivent Financial for Lutherans Has $3.69 Million Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Thrivent Financial for Lutherans lessened its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 127,244 shares of the technology company’s stock after selling 3,126 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Iridium Communications were worth $3,693,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Fifth Third Bancorp lifted its position in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after buying an additional 357 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Iridium Communications by 4.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock worth $553,000 after acquiring an additional 729 shares during the last quarter. Ballentine Partners LLC boosted its stake in shares of Iridium Communications by 6.8% in the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock valued at $340,000 after purchasing an additional 750 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in shares of Iridium Communications by 1.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock valued at $2,230,000 after purchasing an additional 866 shares during the last quarter. Finally, M&T Bank Corp increased its position in Iridium Communications by 13.8% during the 4th quarter. M&T Bank Corp now owns 8,321 shares of the technology company’s stock worth $241,000 after purchasing an additional 1,010 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Insider Buying and Selling

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IRDM shares. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Friday, March 21st. Barclays cut their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price for the company.

Iridium Communications Trading Up 2.9 %

Shares of NASDAQ IRDM opened at $29.00 on Wednesday. The firm has a 50 day moving average price of $29.45 and a two-hundred day moving average price of $29.42. The stock has a market cap of $3.16 billion, a P/E ratio of 30.53, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $35.85. 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 posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates 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 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.93%. Iridium Communications’s dividend payout ratio (DPR) is 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.