Lecap Asset Management Ltd. Sells 23,476 Shares of Iridium Communications Inc $IRDM

Lecap Asset Management Ltd. lowered its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 45.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 27,681 shares of the technology company’s stock after selling 23,476 shares during the period. Lecap Asset Management Ltd.’s holdings in Iridium Communications were worth $481,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. ARK Investment Management LLC raised its stake in shares of Iridium Communications by 21.7% during the third quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock valued at $113,317,000 after acquiring an additional 1,156,580 shares during the last quarter. Silver Heights Capital Management Inc raised its stake in shares of Iridium Communications by 22.7% during the third 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 last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Iridium Communications by 0.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,343,670 shares of the technology company’s stock valued at $75,840,000 after acquiring an additional 27,907 shares during the last quarter. Millennium Management LLC raised its stake in shares of Iridium Communications by 265.8% during the third quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock valued at $53,074,000 after acquiring an additional 2,208,857 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Iridium Communications by 9.0% during the third quarter. American Century Companies Inc. now owns 2,878,902 shares of the technology company’s stock valued at $50,266,000 after acquiring an additional 238,244 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Stock Performance

IRDM opened at $41.85 on Monday. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. The stock has a market cap of $4.42 billion, a PE ratio of 39.48, a price-to-earnings-growth ratio of 2.83 and a beta of 0.48. The company has a fifty day moving average of $27.27 and a 200-day moving average of $21.40. Iridium Communications Inc has a twelve month low of $15.65 and a twelve month high of $44.36.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $212.94 million during the quarter, compared to analysts’ expectations of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the company posted $0.32 earnings per share. On average, sell-side analysts predict that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, March 16th. Iridium Communications’s dividend payout ratio (DPR) is presently 56.60%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 18th. Barclays increased their price objective on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 10th. Finally, BWS Financial reiterated a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a research report on Wednesday, April 15th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $27.60.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 2,043 shares of the firm’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $33.00, for a total value of $67,419.00. Following the completion of the sale, the chief accounting officer directly owned 45,721 shares in the company, valued at approximately $1,508,793. This trade represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.70% of the company’s stock.

About Iridium Communications

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.