Mutual of America Capital Management LLC Trims Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Mutual of America Capital Management LLC decreased its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 5.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,592 shares of the technology company’s stock after selling 4,741 shares during the period. Mutual of America Capital Management LLC owned 0.06% of Iridium Communications worth $3,153,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Impax Asset Management Group plc purchased a new position in shares of Iridium Communications in the fourth quarter worth about $572,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Iridium Communications in the fourth quarter worth about $41,000. International Assets Investment Management LLC purchased a new position in shares of Iridium Communications in the fourth quarter worth about $3,727,000. LA Financiere DE L Echiquier increased its stake in shares of Iridium Communications by 17.7% in the fourth quarter. LA Financiere DE L Echiquier now owns 79,700 shares of the technology company’s stock worth $3,280,000 after purchasing an additional 12,000 shares in the last quarter. Finally, Ceredex Value Advisors LLC increased its stake in shares of Iridium Communications by 51.8% in the fourth quarter. Ceredex Value Advisors LLC now owns 290,400 shares of the technology company’s stock worth $11,953,000 after purchasing an additional 99,150 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

IRDM stock opened at $24.71 on Thursday. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.06 and a quick ratio of 1.37. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $68.34. The stock has a market cap of $3.02 billion, a PE ratio of 190.08 and a beta of 0.85. The firm has a 50 day simple moving average of $27.98 and a two-hundred day simple moving average of $35.11.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 15th. The technology company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.27. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. The business had revenue of $194.74 million during the quarter, compared to analysts’ expectations of $192.13 million. During the same quarter in the previous year, the company earned ($0.01) EPS. The business’s quarterly revenue was up .5% compared to the same quarter last year. On average, analysts predict that Iridium Communications Inc. will post 0.72 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.13 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.10%. Iridium Communications’s dividend payout ratio is presently 400.00%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IRDM. BWS Financial downgraded shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 target price for the company. in a research note on Friday, February 16th. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. Barclays reduced their price objective on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Raymond James reduced their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Finally, William Blair cut shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.80.

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.