Ballentine Partners LLC Sells 512 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Ballentine Partners LLC reduced its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 4.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,219 shares of the technology company’s stock after selling 512 shares during the quarter. Ballentine Partners LLC’s holdings in Iridium Communications were worth $307,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Pinnacle Holdings LLC grew its stake in shares of Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after purchasing an additional 477 shares during the period. IFM Investors Pty Ltd grew its stake in shares of Iridium Communications by 3.7% during the 1st quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company’s stock valued at $366,000 after purchasing an additional 480 shares during the period. GAMMA Investing LLC grew its stake in shares of Iridium Communications by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company’s stock valued at $108,000 after purchasing an additional 488 shares during the period. Two Sigma Advisers LP grew its stake in shares of Iridium Communications by 6.6% during the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock valued at $235,000 after purchasing an additional 500 shares during the period. Finally, EntryPoint Capital LLC grew its stake in shares of Iridium Communications by 4.1% during the 4th quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock valued at $445,000 after purchasing an additional 600 shares during the period. 84.36% of the stock is currently owned by institutional investors.

Iridium Communications Stock Down 0.9%

IRDM stock opened at $31.44 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 quick ratio of 1.36, a current ratio of 1.99 and a debt-to-equity ratio of 3.43. The stock has a market cap of $3.40 billion, a P/E ratio of 29.66, a PEG ratio of 1.08 and a beta of 0.79. The business’s 50-day moving average price is $28.16 and its 200-day moving average price is $27.91.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. Iridium Communications had a return on equity of 19.41% and a net margin of 14.68%. The company had revenue of $214.88 million for the quarter, compared to analysts’ expectations of $211.78 million. During the same period in the previous year, the firm earned $0.17 EPS. On average, equities research analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 52.83%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. Oppenheimer began coverage on Iridium Communications in a research report on Monday, May 5th. They set an “outperform” rating and a $34.00 price objective on the stock. BWS Financial lowered their price objective on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. Finally, William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Iridium Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.25.

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.