Fox Run Management L.L.C. Sells 29,292 Shares of Iridium Communications Inc $IRDM

Key Points

• Fox Run Management L.L.C. significantly reduced its stake in Iridium Communications Inc by 74.3% during the first quarter, leaving it with 10,141 shares valued at $277,000.
• Iridium Communications announced a quarterly dividend increase from $0.14 to $0.15, with a dividend yield of 2.5% and a payout ratio of 56.57%.
• Barclays and BWS Financial have recently lowered their price targets for Iridium Communications, with Barclays reducing its target from $38.00 to $31.00.

Fox Run Management L.L.C. lowered its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 74.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,141 shares of the technology company's stock after selling 29,292 shares during the quarter. Fox Run Management L.L.C.'s holdings in Iridium Communications were worth $277,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of IRDM. Sei Investments Co. grew its holdings in shares of Iridium Communications by 0.9% during the first quarter. Sei Investments Co. now owns 155,020 shares of the technology company's stock valued at $4,491,000 after buying an additional 1,348 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Iridium Communications by 31.2% during the first quarter. Russell Investments Group Ltd. now owns 30,879 shares of the technology company's stock valued at $844,000 after purchasing an additional 7,344 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of Iridium Communications by 3.8% in the first quarter. HighTower Advisors LLC now owns 28,239 shares of the technology company's stock valued at $771,000 after acquiring an additional 1,023 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Iridium Communications during the 1st quarter valued at $15,763,000. Finally, Entropy Technologies LP purchased a new position in Iridium Communications in the first quarter valued at about $237,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Analyst Ratings Changes

IRDM has been the topic of a number of recent research reports. Morgan Stanley dropped their price target on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. 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. Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Raymond James Financial reissued a "strong-buy" rating and set a $39.00 price objective (down from $47.00) on shares of Iridium Communications in a report on Friday, July 25th. Finally, Barclays cut their target price on Iridium Communications from $38.00 to $31.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $34.33.

Iridium Communications Stock Up 3.5%

IRDM traded up $0.84 during midday trading on Friday, reaching $24.98. The company's stock had a trading volume of 1,683,009 shares, compared to its average volume of 1,686,870. Iridium Communications Inc has a 1 year low of $19.91 and a 1 year high of $35.85. The company has a current ratio of 2.51, a quick ratio of 1.75 and a debt-to-equity ratio of 3.82. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 25.23, a PEG ratio of 0.88 and a beta of 0.76. The stock's 50-day moving average is $28.02 and its 200-day moving average is $27.39.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). The company had revenue of $216.91 million during the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The company's revenue was up 7.9% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. As a group, research analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, September 15th. This is an increase from Iridium Communications's previous quarterly dividend of $0.14. Iridium Communications's dividend payout ratio (DPR) is presently 56.57%.

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.