Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. cut its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 16.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,302 shares of the technology company’s stock after selling 4,285 shares during the period. Lecap Asset Management Ltd.’s holdings in Iridium Communications were worth $647,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nordea Investment Management AB grew its position in Iridium Communications by 30.2% during 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 last quarter. Impax Asset Management Group plc acquired a new stake in shares of Iridium Communications during the third quarter worth about $697,000. Thrivent Financial for Lutherans grew its holdings in shares of Iridium Communications by 19.8% during the third 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. Blue Trust Inc. increased its position in Iridium Communications by 545.7% in the 3rd quarter. Blue Trust Inc. now owns 9,628 shares of the technology company’s stock valued at $293,000 after acquiring an additional 8,137 shares during the period. Finally, Riverwater Partners LLC raised its stake in Iridium Communications by 406.3% during the 3rd quarter. Riverwater Partners LLC now owns 85,146 shares of the technology company’s stock valued at $2,666,000 after acquiring an additional 68,329 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s 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 completion of the sale, the director now owns 241,030 shares in the company, valued at $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 available at this link. Insiders own 2.00% of the company’s stock.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $28.42 on Friday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The stock has a 50 day simple moving average of $29.28 and a 200-day simple moving average of $28.80. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 30.23 and a beta of 0.65. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $36.32.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is currently 59.58%.

Analysts Set New Price Targets

Several research analysts have weighed in on IRDM shares. BWS Financial reiterated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $40.75.

Iridium Communications Company 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.