Headlands Technologies LLC Reduces Position in Iridium Communications Inc. (NASDAQ:IRDM)

Headlands Technologies LLC trimmed its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 63.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,333 shares of the technology company’s stock after selling 4,102 shares during the quarter. Headlands Technologies LLC’s holdings in Iridium Communications were worth $62,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Daiwa Securities Group Inc. lifted its position in shares of Iridium Communications by 4.2% during the second quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after purchasing an additional 462 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in Iridium Communications by 0.7% during the 2nd quarter. Texas Permanent School Fund Corp now owns 109,038 shares of the technology company’s stock valued at $2,903,000 after buying an additional 794 shares in the last quarter. Van Berkom & Associates Inc. boosted its position in Iridium Communications by 4.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock valued at $92,639,000 after buying an additional 152,232 shares during the period. Paralel Advisors LLC bought a new position in Iridium Communications in the 2nd quarter worth about $2,323,000. Finally, Ballentine Partners LLC purchased a new position in shares of Iridium Communications during the second quarter worth approximately $293,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $27.95 on Tuesday. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 133.10 and a beta of 0.64. The firm has a 50 day moving average of $26.84 and a 200 day moving average of $27.52. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $51.62.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The firm had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. During the same period in the previous year, the company posted ($0.24) EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, sell-side analysts predict that Iridium Communications Inc. will post 0.81 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Friday, September 13th. Iridium Communications’s dividend payout ratio is currently 266.67%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on IRDM shares. BWS Financial reiterated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays upped their target price on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

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.