Sterling Capital Management LLC Boosts Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Sterling Capital Management LLC lifted its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 50.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,537 shares of the technology company’s stock after buying an additional 2,186 shares during the quarter. Sterling Capital Management LLC’s holdings in Iridium Communications were worth $190,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the business. Fifth Third Bancorp grew its stake in Iridium Communications by 19.8% during 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. Pinnacle Holdings LLC increased its stake in shares of Iridium Communications by 45.4% in the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after buying an additional 477 shares during the last quarter. EntryPoint Capital LLC boosted its stake in 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 acquiring an additional 600 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Iridium Communications by 4.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock worth $553,000 after acquiring an additional 729 shares in the last quarter. Finally, Ballentine Partners LLC raised its stake in shares of Iridium Communications by 6.8% in the 4th 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 in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $23.20 on Tuesday. The business’s 50-day moving average price is $27.96 and its 200 day moving average price is $28.87. The firm has a market cap of $2.52 billion, a P/E ratio of 24.42, a PEG 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 Inc. has a 52-week low of $22.18 and a 52-week high of $35.85.

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

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.41%. The ex-dividend date was Monday, March 17th. Iridium Communications’s dividend payout ratio is currently 58.95%.

Analyst Ratings Changes

Several research firms recently weighed in on IRDM. Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target for the company. Finally, StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Sunday, April 6th.

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.