Bank of New York Mellon Corp Cuts Holdings in Iridium Communications Inc (NASDAQ:IRDM)

Bank of New York Mellon Corp cut its stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 0.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,287,755 shares of the technology company's stock after selling 9,921 shares during the quarter. Bank of New York Mellon Corp owned about 1.19% of Iridium Communications worth $35,181,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. UMB Bank n.a. increased its position in Iridium Communications by 129.8% during the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock worth $38,000 after purchasing an additional 779 shares during the last quarter. Pinnacle Holdings LLC grew its stake in shares of Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after buying an additional 477 shares during the period. Covestor Ltd increased its holdings in shares of Iridium Communications by 529.6% during the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after buying an additional 2,113 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Iridium Communications by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after buying an additional 488 shares during the period. Finally, Salomon & Ludwin LLC acquired a new position in Iridium Communications in the first quarter valued at approximately $109,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Analyst Upgrades and Downgrades

IRDM has been the topic of a number of research analyst reports. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. BWS Financial reduced their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Oppenheimer started 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 on the stock. Finally, Wall Street Zen downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.25.

Iridium Communications Trading Up 2.9%

Shares of IRDM stock traded up $0.92 on Thursday, hitting $32.11. The stock had a trading volume of 1,883,520 shares, compared to its average volume of 1,183,522. The company's 50 day moving average price is $28.25 and its 200-day moving average price is $27.93. 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 3.43, a current ratio of 1.99 and a quick ratio of 1.36. The firm has a market capitalization of $3.47 billion, a P/E ratio of 30.29, a P/E/G ratio of 1.07 and a beta of 0.79.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The company had revenue of $214.88 million for 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 period in the prior year, the firm earned $0.17 earnings per share. Analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications's 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.