Bank of New York Mellon Corp Sells 9,921 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Bank of New York Mellon Corp trimmed its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,287,755 shares of the technology company's stock after selling 9,921 shares during the period. Bank of New York Mellon Corp owned 1.19% of Iridium Communications worth $35,181,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in shares of Iridium Communications by 1.6% during the fourth quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company's stock valued at $18,336,000 after buying an additional 10,195 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in Iridium Communications during the 1st quarter valued at about $247,000. GAMMA Investing LLC increased its holdings in shares of Iridium Communications by 14.1% in the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after purchasing an additional 488 shares during the period. Teacher Retirement System of Texas lifted its position in shares of Iridium Communications by 369.5% in the fourth quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company's stock worth $2,019,000 after purchasing an additional 54,747 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Iridium Communications by 85.8% in the first quarter. Janney Montgomery Scott LLC now owns 26,627 shares of the technology company's stock worth $727,000 after purchasing an additional 12,297 shares in the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Oppenheimer initiated coverage on shares of Iridium Communications in a report on Monday, May 5th. They set an "outperform" rating and a $34.00 price target on the stock. BWS Financial cut their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Finally, Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Iridium Communications presently has an average rating of "Moderate Buy" and an average price target of $34.25.

Iridium Communications Stock Down 0.3%

NASDAQ IRDM traded down $0.11 during trading on Friday, reaching $32.00. The company's stock had a trading volume of 740,208 shares, compared to its average volume of 1,181,677. The company has a current ratio of 1.99, a quick ratio of 1.36 and a debt-to-equity ratio of 3.43. The stock has a market capitalization of $3.46 billion, a PE ratio of 30.20, a PEG ratio of 1.06 and a beta of 0.79. Iridium Communications Inc has a 1-year low of $19.91 and a 1-year high of $35.85. The business has a 50-day moving average price of $28.38 and a 200-day moving average price of $27.95.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The business had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a net margin of 14.68% and a return on equity of 19.41%. During the same quarter in the previous year, the business earned $0.17 EPS. On average, research analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.75%. The ex-dividend date was Friday, June 13th. Iridium Communications's dividend payout ratio is currently 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.