Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by LPL Financial LLC

LPL Financial LLC lessened its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,735 shares of the technology company’s stock after selling 1,196 shares during the period. LPL Financial LLC’s holdings in Iridium Communications were worth $1,298,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Fifth Third Bancorp increased its holdings 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 acquiring an additional 357 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in 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 purchasing an additional 729 shares during the period. Ballentine Partners LLC increased its stake in Iridium Communications by 6.8% during the fourth 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 during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Iridium Communications by 1.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock worth $2,230,000 after purchasing an additional 866 shares during the period. Finally, M&T Bank Corp lifted its position in shares of Iridium Communications by 13.8% in the 4th quarter. M&T Bank Corp now owns 8,321 shares of the technology company’s stock worth $241,000 after buying an additional 1,010 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Down 0.3 %

IRDM stock opened at $23.77 on Friday. The stock has a market cap of $2.58 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. The firm’s 50-day simple moving average is $28.06 and its 200 day simple moving average is $28.95. Iridium Communications Inc. has a fifty-two week low of $22.18 and a fifty-two week high of $35.85. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.15 by $0.16. The company had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. As a group, sell-side analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.36%. Iridium Communications’s payout ratio is 58.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company. Barclays lowered their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Finally, StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a report on Sunday, April 6th.

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.