Corebridge Financial Inc. Sells 11,179 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Corebridge Financial Inc. cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 8.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,928 shares of the technology company’s stock after selling 11,179 shares during the quarter. Corebridge Financial Inc.’s holdings in Iridium Communications were worth $3,741,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of IRDM. American Century Companies Inc. grew its holdings in Iridium Communications by 94.2% in the fourth quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock worth $50,374,000 after purchasing an additional 841,951 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Iridium Communications in the 4th quarter worth approximately $17,613,000. Nikko Asset Management Americas Inc. increased its position in Iridium Communications by 13.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock valued at $82,028,000 after buying an additional 329,915 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Iridium Communications by 12.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock valued at $82,099,000 after buying an additional 320,506 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Iridium Communications by 27.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,297,676 shares of the technology company’s stock worth $37,659,000 after acquiring an additional 275,775 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Trading Down 6.6 %

Iridium Communications stock opened at $27.54 on Monday. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $35.85. The business’s fifty day moving average is $29.52 and its 200 day moving average is $29.47. The stock has a market capitalization of $3.00 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. 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 posted 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 for the quarter, compared to analysts’ expectations of $203.78 million. On average, sell-side analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IRDM. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company. 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. Finally, StockNews.com downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Saturday.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications 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 transaction of $356,625.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company 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.