Iridium Communications Inc $IRDM Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 2.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,150,450 shares of the technology company’s stock after selling 23,311 shares during the period. Bank of New York Mellon Corp’s holdings in Iridium Communications were worth $31,913,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Illinois Municipal Retirement Fund acquired a new position in shares of Iridium Communications in the 1st quarter worth approximately $1,431,000. Sanctuary Advisors LLC acquired a new stake in Iridium Communications during the first quarter valued at approximately $244,000. Principal Financial Group Inc. lifted its stake in Iridium Communications by 2.2% during the first quarter. Principal Financial Group Inc. now owns 508,290 shares of the technology company’s stock valued at $14,100,000 after purchasing an additional 10,702 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Iridium Communications by 2,810.5% during the first quarter. Fifth Third Bancorp now owns 39,786 shares of the technology company’s stock worth $1,104,000 after buying an additional 38,419 shares in the last quarter. Finally, Range Financial Group LLC bought a new stake in Iridium Communications during the first quarter worth approximately $1,904,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $45.78 on Monday. The company’s fifty day moving average is $48.01 and its two-hundred day moving average is $34.99. The company has a market cap of $4.85 billion, a P/E ratio of 52.02, a price-to-earnings-growth ratio of 3.62 and a beta of 0.87. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $57.18. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 3.70.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Wednesday, July 22nd. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.19). Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. During the same period last year, the business earned $0.20 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts expect that Iridium Communications Inc will post 0.97 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s dividend payout ratio is currently 68.18%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. BWS Financial reaffirmed a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research report on Monday, April 27th. Finally, Morgan Stanley upped their target price on Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.67.

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.