Amova Asset Management Americas Inc. Trims Holdings in Iridium Communications Inc $IRDM

Amova Asset Management Americas Inc. trimmed its stake in Iridium Communications Inc (NASDAQ:IRDM) by 74.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,117,952 shares of the technology company’s stock after selling 3,195,128 shares during the period. Amova Asset Management Americas Inc.’s holdings in Iridium Communications were worth $19,419,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Silver Heights Capital Management Inc raised its stake in shares of Iridium Communications by 22.7% in the 3rd quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock valued at $90,612,000 after acquiring an additional 961,440 shares during the period. Citigroup Inc. raised its stake in shares of Iridium Communications by 323.8% in the 3rd quarter. Citigroup Inc. now owns 310,797 shares of the technology company’s stock valued at $5,427,000 after acquiring an additional 237,456 shares during the period. Vanguard Group Inc. raised its stake in shares of Iridium Communications by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after acquiring an additional 677,258 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Iridium Communications by 8.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 612,610 shares of the technology company’s stock valued at $10,696,000 after acquiring an additional 50,239 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Iridium Communications by 130.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company’s stock valued at $7,044,000 after acquiring an additional 224,322 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Trading Down 5.0%

NASDAQ IRDM opened at $45.10 on Wednesday. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. Iridium Communications Inc has a 52 week low of $15.65 and a 52 week high of $53.83. The stock has a market capitalization of $4.77 billion, a PE ratio of 45.56, a price-to-earnings-growth ratio of 3.20 and a beta of 0.89. The firm has a 50 day moving average of $41.23 and a two-hundred day moving average of $27.86.

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

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, June 15th. Iridium Communications’s payout ratio is 60.61%.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 3,790 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total transaction of $117,490.00. Following the completion of the transaction, the chief accounting officer owned 47,764 shares in the company, valued at $1,480,684. The trade was a 7.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

IRDM has been the topic of a number of research analyst reports. Barclays boosted their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Morgan Stanley boosted their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. Raymond James Financial reissued a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. New Street Research began coverage on shares of Iridium Communications in a report on Thursday, May 14th. They issued a “neutral” rating and a $40.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Iridium Communications has a consensus rating of “Hold” and an average price target of $34.00.

Iridium Communications Company 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.