Cresset Asset Management LLC Sells 8,089 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Cresset Asset Management LLC trimmed its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 29.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,656 shares of the technology company’s stock after selling 8,089 shares during the quarter. Cresset Asset Management LLC’s holdings in Iridium Communications were worth $570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. raised its holdings in Iridium Communications by 12.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock worth $82,099,000 after purchasing an additional 320,506 shares during the period. Nikko Asset Management Americas Inc. raised its holdings in Iridium Communications by 13.2% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after purchasing an additional 329,915 shares during the period. ARK Investment Management LLC raised its holdings in Iridium Communications by 5.7% in the 4th quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock worth $72,774,000 after purchasing an additional 134,924 shares during the period. Schroder Investment Management Group raised its holdings in Iridium Communications by 44.7% in the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock worth $64,125,000 after purchasing an additional 683,777 shares during the period. Finally, ArrowMark Colorado Holdings LLC raised its holdings in Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock worth $60,595,000 after purchasing an additional 567,164 shares during the period. 84.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on IRDM shares. Oppenheimer started coverage on Iridium Communications in a report on Monday, May 5th. They issued an “outperform” rating and a $34.00 target price on the stock. BWS Financial decreased their price target on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Cantor Fitzgerald began coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. StockNews.com cut Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Finally, William Blair raised Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.25.

Iridium Communications Price Performance

NASDAQ:IRDM opened at $25.33 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The business’s 50-day simple moving average is $25.67 and its two-hundred day simple moving average is $28.26. The stock has a market cap of $2.74 billion, a PE ratio of 26.66, a P/E/G ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a 52 week low of $19.91 and a 52 week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. The firm had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter last year, the business posted $0.17 earnings per share. As a group, analysts forecast that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.21%. Iridium Communications’s payout ratio is 52.83%.

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.