Bamco Inc. NY Sells 893,377 Shares of Iridium Communications Inc $IRDM

Bamco Inc. NY reduced its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 9.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 8,377,907 shares of the technology company’s stock after selling 893,377 shares during the quarter. Iridium Communications accounts for about 0.7% of Bamco Inc. NY’s investment portfolio, making the stock its 25th biggest holding. Bamco Inc. NY owned about 0.08% of Iridium Communications worth $252,761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. SVB Wealth LLC bought a new stake in Iridium Communications in the 1st quarter valued at approximately $30,000. Johnson Financial Group Inc. acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $70,000. Carolina Wealth Advisors LLC bought a new stake in shares of Iridium Communications in the second quarter worth $76,000. Summit Securities Group LLC acquired a new position in Iridium Communications during the first quarter worth $72,000. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new position in Iridium Communications in the second quarter valued at $156,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on IRDM shares. Weiss Ratings cut shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Raymond James Financial downgraded Iridium Communications from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $39.00 to $26.00 in a research report on Thursday, September 11th. BWS Financial reissued a “sell” rating and set a $16.00 price target on shares of Iridium Communications in a research report on Friday, October 24th. Finally, Barclays decreased their price target on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Six analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications Trading Down 0.4%

Shares of NASDAQ:IRDM opened at $18.73 on Friday. Iridium Communications Inc has a 52-week low of $15.65 and a 52-week high of $34.45. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67. The company has a market capitalization of $1.96 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 1.20 and a beta of 0.61. The company has a 50-day simple moving average of $17.71 and a 200 day simple moving average of $22.77.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The firm had revenue of $226.94 million for the quarter, compared to the consensus estimate of $222.13 million. During the same quarter in the previous year, the business earned $0.21 earnings per share. The business’s revenue was up 6.6% compared to the same quarter last year. Sell-side analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, December 15th. Iridium Communications’s dividend payout ratio is 53.10%.

Insider Buying and Selling at Iridium Communications

In related news, Director Robert H. Niehaus acquired 30,000 shares of Iridium Communications stock in a transaction on Tuesday, October 28th. The stock was purchased at an average cost of $17.49 per share, with a total value of $524,700.00. Following the completion of the transaction, the director directly owned 297,363 shares in the company, valued at $5,200,878.87. This trade represents a 11.22% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas Fitzpatrick sold 20,839 shares of the company’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $18.00, for a total transaction of $375,102.00. Following the completion of the transaction, the director owned 231,034 shares in the company, valued at approximately $4,158,612. This represents a 8.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,967 shares of company stock valued at $557,406 in the last quarter. 2.40% of the stock is currently owned by insiders.

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.