Iridium Communications Inc $IRDM Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC trimmed its stake in Iridium Communications Inc (NASDAQ:IRDM) by 80.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,892 shares of the technology company’s stock after selling 45,785 shares during the period. SG Americas Securities LLC’s holdings in Iridium Communications were worth $302,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Hsbc Holdings PLC lifted its position in Iridium Communications by 63.7% in the fourth quarter. Hsbc Holdings PLC now owns 44,358 shares of the technology company’s stock valued at $772,000 after acquiring an additional 17,267 shares during the last quarter. Invesco Ltd. increased its position in shares of Iridium Communications by 12.0% during the fourth quarter. Invesco Ltd. now owns 994,205 shares of the technology company’s stock worth $17,279,000 after purchasing an additional 106,856 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Iridium Communications in the 4th quarter valued at about $193,000. State of Tennessee Department of Treasury boosted its position in shares of Iridium Communications by 47.8% in the 4th quarter. State of Tennessee Department of Treasury now owns 48,695 shares of the technology company’s stock valued at $846,000 after purchasing an additional 15,752 shares during the period. Finally, Empowered Funds LLC boosted its position in shares of Iridium Communications by 4.4% in the 4th quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock valued at $197,000 after purchasing an additional 478 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

IRDM has been the topic of several research analyst reports. BWS Financial reaffirmed a “sell” rating and set a $16.00 price target on shares of Iridium Communications in a research report on Monday, April 27th. William Blair downgraded Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Morgan Stanley lifted their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Finally, Barclays upped their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $38.67.

Iridium Communications Stock Down 1.1%

IRDM opened at $50.06 on Friday. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $57.18. The business has a 50 day moving average price of $46.81 and a two-hundred day moving average price of $32.78. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. The company has a market cap of $5.29 billion, a PE ratio of 50.57, a P/E/G ratio of 3.42 and a beta of 0.87.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.07). The company had revenue of $219.06 million during the quarter, compared to analysts’ expectations of $218.39 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 earnings per share. As a group, research analysts anticipate that Iridium Communications Inc will post 1.05 EPS for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is 60.61%.

Iridium Communications Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.