Russell Investments Group Ltd. Has $683,000 Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Russell Investments Group Ltd. cut its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 88.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,535 shares of the technology company’s stock after selling 173,374 shares during the period. Russell Investments Group Ltd.’s holdings in Iridium Communications were worth $683,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Plato Investment Management Ltd bought a new stake in shares of Iridium Communications during the 4th quarter worth $32,000. SBI Securities Co. Ltd. bought a new position in shares of Iridium Communications in the fourth quarter worth about $37,000. Fifth Third Bancorp boosted its stake 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 purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Iridium Communications during the 4th quarter worth approximately $131,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. William Blair upgraded Iridium Communications from a “market perform” rating to an “outperform” rating in a research note on Tuesday. Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company. Barclays cut their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Finally, StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Iridium Communications presently has an average rating of “Moderate Buy” and an average target price of $36.00.

Iridium Communications Trading Down 6.9 %

IRDM opened at $21.61 on Wednesday. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month high of $35.85. The company has a fifty day moving average of $27.76 and a 200-day moving average of $28.82. The stock has a market cap of $2.35 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. 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 data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The company had revenue of $214.88 million for the quarter, compared to the consensus estimate of $211.78 million. During the same period in the previous year, the business earned $0.17 EPS. 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 disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

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.