Cerity Partners LLC Has $815,000 Stake in Iridium Communications Inc (NASDAQ:IRDM)

Cerity Partners LLC lessened its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 30.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,824 shares of the technology company's stock after selling 12,823 shares during the period. Cerity Partners LLC's holdings in Iridium Communications were worth $815,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. increased its holdings in Iridium Communications by 37.6% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock worth $106,361,000 after purchasing an additional 1,064,093 shares in the last quarter. Schroder Investment Management Group grew its holdings 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 in the last quarter. ArrowMark Colorado Holdings LLC grew its holdings 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Iridium Communications by 7.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,062,066 shares of the technology company's stock valued at $59,841,000 after acquiring an additional 149,606 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Iridium Communications by 18.1% in the 4th quarter. Northern Trust Corp now owns 1,827,411 shares of the technology company's stock valued at $53,031,000 after acquiring an additional 280,269 shares in the last quarter. Institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Performance

NASDAQ:IRDM traded up $0.43 during mid-day trading on Friday, hitting $25.69. The stock had a trading volume of 4,022,574 shares, compared to its average volume of 1,778,816. Iridium Communications Inc has a twelve month low of $19.91 and a twelve month high of $35.85. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 25.95, a PEG ratio of 0.86 and a beta of 0.79. The company's 50 day simple moving average is $28.85 and its 200 day simple moving average is $27.96. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.36 and a current ratio of 1.99.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The company had revenue of $216.91 million for the quarter, compared to analyst estimates of $214.73 million. Iridium Communications had a return on equity of 19.30% and a net margin of 13.20%. The company's revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the business earned $0.27 earnings per share. On average, equities research analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, September 15th. This is an increase from Iridium Communications's previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 2.34%. Iridium Communications's dividend payout ratio (DPR) is 52.83%.

Analyst Ratings Changes

IRDM has been the subject of several analyst reports. BWS Financial decreased 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. Raymond James Financial restated a "strong-buy" rating and issued a $39.00 price objective (down previously from $47.00) on shares of Iridium Communications in a report on Friday. Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Finally, Oppenheimer initiated coverage on shares of Iridium Communications in a research note on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price for the company. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.20.

About Iridium Communications

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.