Castle Rock Wealth Management LLC trimmed its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 24.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,693 shares of the technology company's stock after selling 14,945 shares during the quarter. Castle Rock Wealth Management LLC's holdings in Iridium Communications were worth $1,240,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in IRDM. Norges Bank bought a new stake in shares of Iridium Communications in the 4th quarter valued at about $28,240,000. American Century Companies Inc. increased its stake in shares of Iridium Communications by 94.2% in the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company's stock valued at $50,374,000 after acquiring an additional 841,951 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of Iridium Communications by 44.7% in the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock valued at $64,125,000 after acquiring an additional 683,777 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Iridium Communications in the 4th quarter valued at about $17,613,000. Finally, ArrowMark Colorado Holdings LLC increased its stake in shares of Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock valued at $60,595,000 after acquiring an additional 567,164 shares during the last quarter. 84.36% of the stock is owned by institutional investors.
Iridium Communications Stock Up 1.2%
NASDAQ:IRDM traded up $0.31 during trading hours on Thursday, reaching $26.65. 239,139 shares of the stock were exchanged, compared to its average volume of 1,152,719. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month 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 firm has a 50 day moving average of $24.91 and a 200 day moving average of $27.86. The stock has a market cap of $2.88 billion, a PE ratio of 28.05, a PEG ratio of 1.28 and a beta of 0.74.
Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the prior year, the firm posted $0.17 EPS. On average, equities analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.
Iridium Communications Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, June 13th. Iridium Communications's payout ratio is presently 52.83%.
Analyst Ratings Changes
A number of analysts recently issued reports on IRDM shares. BWS Financial lowered their target price on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Barclays lowered their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. Oppenheimer started coverage on Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 target price for the company. Finally, Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a research note 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, the company has an average rating of "Moderate Buy" and an average price target of $34.25.
Check Out Our Latest Analysis on Iridium Communications
Iridium Communications Profile
(
Free Report)
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.
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