BNP Paribas Financial Markets Sells 169,217 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

BNP Paribas Financial Markets reduced its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 44.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 213,173 shares of the technology company's stock after selling 169,217 shares during the quarter. BNP Paribas Financial Markets owned 0.19% of Iridium Communications worth $6,186,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Plato Investment Management Ltd purchased a new stake in Iridium Communications in the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. acquired a new position in shares of Iridium Communications in the fourth quarter worth $37,000. Pinnacle Holdings LLC raised its holdings in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after acquiring an additional 477 shares in the last quarter. Fifth Third Bancorp boosted its position in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after purchasing an additional 357 shares during the last quarter. Finally, Covestor Ltd boosted its position in Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock valued at $73,000 after purchasing an additional 2,113 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Barclays dropped their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. BWS Financial reduced their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Oppenheimer began coverage on shares of Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price for the company. Finally, StockNews.com downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $34.25.

Iridium Communications Stock Performance

IRDM traded down $0.20 on Friday, hitting $25.45. The company had a trading volume of 874,476 shares, compared to its average volume of 1,148,854. Iridium Communications Inc. has a 1-year low of $19.91 and a 1-year high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The company's fifty day moving average price is $25.59 and its 200 day moving average price is $28.24. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The business had revenue of $214.88 million during the quarter, compared to analysts' expectations of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same period in the previous year, the company earned $0.17 earnings per share. Equities analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Friday, June 13th. Iridium Communications's dividend payout ratio is 52.83%.

Iridium Communications Profile

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.