Algert Global LLC Sells 57,210 Shares of Iridium Communications Inc $IRDM

Key Points

• Algert Global LLC has reduced its holdings in Iridium Communications by **29.5%**, now owning 136,742 shares worth approximately $3.74 million.
• Iridium Communications recently reported earnings of **$0.20 per share**, missing analyst expectations of $0.23, despite a **7.9% increase** in revenue year-over-year.
• The company announced a **quarterly dividend of $0.15 per share**, marking an increase from its previous dividend and reflecting a **2.5% yield** for investors.

Algert Global LLC trimmed its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 136,742 shares of the technology company's stock after selling 57,210 shares during the period. Algert Global LLC owned about 0.13% of Iridium Communications worth $3,736,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. UMB Bank n.a. lifted its holdings in shares of Iridium Communications by 129.8% during the first quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after purchasing an additional 779 shares during the last quarter. Cooksen Wealth LLC purchased a new stake in shares of Iridium Communications during the first quarter valued at $47,000. SBI Securities Co. Ltd. lifted its holdings in shares of Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after purchasing an additional 476 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Iridium Communications by 14.1% during the first 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 last quarter. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Iridium Communications during the first quarter valued at $109,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on IRDM shares. Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Barclays decreased their target price on Iridium Communications from $38.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $39.00 target price (down previously from $47.00) on shares of Iridium Communications in a research report on Friday, July 25th. Morgan Stanley decreased their target price on Iridium Communications from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Finally, Oppenheimer began coverage on Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $34.33.

Iridium Communications Stock Up 3.5%

Shares of Iridium Communications stock traded up $0.84 on Friday, hitting $24.98. 1,683,009 shares of the company traded hands, compared to its average volume of 1,686,870. The company has a 50-day moving average price of $28.02 and a 200 day moving average price of $27.39. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. Iridium Communications Inc has a 12-month low of $19.91 and a 12-month high of $35.85. The company has a market cap of $2.65 billion, a PE ratio of 25.23, a PEG ratio of 0.88 and a beta of 0.76.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly 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). Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The company had revenue of $216.91 million for the quarter, compared to analysts' expectations of $214.73 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The company's revenue was up 7.9% on a year-over-year basis. Sell-side analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.15 per share. This is a positive change from Iridium Communications's previous quarterly dividend of $0.14. The ex-dividend date is Monday, September 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. Iridium Communications's dividend payout ratio (DPR) is currently 56.57%.

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.