Iridium Communications Inc $IRDM Shares Sold by UBS Group AG

Key Points

• UBS Group AG cut its stake in Iridium Communications by 7.0% in the fourth quarter, selling 95,308 shares and ending with 1,273,219 shares valued at about $22.1 million.
• Institutional ownership remains heavy, with several other firms increasing positions and institutions holding about 84.36% of the stock overall.
• Iridium reported mixed quarterly results: EPS of $0.20 missed estimates, while revenue of $219.06 million slightly topped expectations and rose 2% year over year.

UBS Group AG lessened its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 7.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,273,219 shares of the technology company's stock after selling 95,308 shares during the period. UBS Group AG owned about 1.22% of Iridium Communications worth $22,129,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of IRDM. Royal Bank of Canada lifted its holdings in shares of Iridium Communications by 33.0% during the first quarter. Royal Bank of Canada now owns 48,325 shares of the technology company's stock valued at $1,320,000 after purchasing an additional 11,985 shares during the last quarter. Amundi lifted its stake in Iridium Communications by 1,243.0% during the first quarter. Amundi now owns 40,479 shares of the technology company's stock valued at $1,035,000 after buying an additional 37,465 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Iridium Communications by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company's stock worth $6,345,000 after buying an additional 33,191 shares during the period. United Services Automobile Association purchased a new position in shares of Iridium Communications in the first quarter worth approximately $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Iridium Communications by 16.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company's stock worth $14,741,000 after acquiring an additional 75,060 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

Insider Buying and Selling at Iridium Communications

In other news, CAO Timothy Kapalka sold 2,043 shares of Iridium Communications stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $33.00, for a total transaction of $67,419.00. Following the completion of the sale, the chief accounting officer directly owned 45,721 shares in the company, valued at $1,508,793. The trade was a 4.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by company insiders.

Iridium Communications Stock Up 4.1%

IRDM stock opened at $43.15 on Tuesday. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $44.36. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 43.59, a PEG ratio of 2.82 and a beta of 0.79. The company has a 50 day moving average of $32.18 and a two-hundred day moving average of $23.47.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The company had revenue of $219.06 million for the quarter, compared to analysts' expectations of $218.39 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The company's revenue was up 2.0% on a year-over-year basis. On average, equities analysts anticipate that Iridium Communications Inc will post 1.04 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Monday, March 16th. Iridium Communications's dividend payout ratio is presently 60.61%.

Analyst Ratings Changes

IRDM has been the subject of several research analyst reports. Raymond James Financial restated a "market perform" rating on shares of Iridium Communications in a research report on Friday, April 24th. Morgan Stanley boosted their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 18th. Weiss Ratings upgraded Iridium Communications from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, March 10th. Barclays lifted their price target on Iridium Communications from $25.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Finally, BWS Financial reissued a "sell" rating and set a $16.00 price target on shares of Iridium Communications in a research report on Monday, April 27th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $26.00.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company's unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium's core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.

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