Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of Iridium Communications Inc (NASDAQ:IRDM – Free Report) by 88.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 69,442 shares of the technology company’s stock after selling 517,737 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Iridium Communications were worth $3,326,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. ProShare Advisors LLC purchased a new position in shares of Iridium Communications during the third quarter worth approximately $389,000. Vise Technologies Inc. boosted its holdings in shares of Iridium Communications by 45.4% in the third quarter. Vise Technologies Inc. now owns 7,351 shares of the technology company’s stock valued at $352,000 after purchasing an additional 2,296 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Iridium Communications by 76.5% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 416,500 shares of the technology company’s stock worth $19,950,000 after purchasing an additional 180,500 shares in the last quarter. Signaturefd LLC increased its holdings in Iridium Communications by 45.9% during the 3rd quarter. Signaturefd LLC now owns 1,357 shares of the technology company’s stock worth $65,000 after purchasing an additional 427 shares during the period. Finally, Fifth Third Wealth Advisors LLC increased its holdings in Iridium Communications by 248.9% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 17,482 shares of the technology company’s stock worth $837,000 after purchasing an additional 12,471 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In related news, CAO Timothy Kapalka sold 13,473 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $50.51, for a total value of $680,521.23. Following the transaction, the chief accounting officer directly owned 35,731 shares of the company’s stock, valued at $1,804,772.81. This represents a 27.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Fitzpatrick sold 15,046 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $49.20, for a total value of $740,263.20. Following the sale, the director owned 43,260 shares in the company, valued at approximately $2,128,392. The trade was a 25.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 381,688 shares of company stock valued at $19,146,390. 2.70% of the stock is owned by corporate insiders.
Iridium Communications Stock Up 4.8%
Shares of NASDAQ:IRDM traded up $2.02 during trading on Friday, reaching $44.04. The stock had a trading volume of 607,413 shares, compared to its average volume of 837,719. Iridium Communications Inc has a one year low of $15.65 and a one year high of $57.18. The company has a market capitalization of $4.68 billion, a P/E ratio of 29.17, a PEG ratio of 3.42 and a beta of 0.87. The company has a current ratio of 0.91, a quick ratio of 0.72 and a debt-to-equity ratio of 3.34. The firm’s 50-day simple moving average is $46.47 and its 200 day simple moving average is $40.18.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last posted its quarterly earnings data on Tuesday, October 20th. The technology company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.64. Iridium Communications had a return on equity of 22.04% and a net margin of 18.06%. The firm had revenue of $245.73 million during the quarter, compared to analysts’ expectations of $236.30 million. During the same quarter last year, the firm earned $0.35 EPS. As a group, research analysts expect that Iridium Communications Inc will post 0.98 EPS for the current fiscal year.
Iridium Communications Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Iridium Communications’s payout ratio is 39.74%.
Analyst Ratings Changes
Several brokerages have recently commented on IRDM. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised shares of Iridium Communications from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, October 21st. 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $41.20.
Read Our Latest Stock Report on IRDM
About Iridium Communications
Iridium Communications Inc provides global satellite communications services through the Iridium satellite network. The company offers voice and data connectivity for customers in remote and difficult-to-reach locations, supporting applications in maritime, aviation, government, emergency services, transportation, industrial, and recreational markets.
Its product portfolio includes satellite phones, broadband services, specialized voice and data terminals, and Internet of Things connectivity for tracking, monitoring, and machine-to-machine communications.
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