Bank of America Corp DE Sells 75,185 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Bank of America Corp DE reduced its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 23.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 243,920 shares of the technology company's stock after selling 75,185 shares during the period. Bank of America Corp DE owned 0.21% of Iridium Communications worth $7,079,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in IRDM. Barclays PLC increased its stake in shares of Iridium Communications by 19.2% in the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company's stock valued at $26,093,000 after buying an additional 137,924 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Iridium Communications in the 4th quarter valued at $186,000. Fifth Third Bancorp grew its stake in shares of Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after purchasing an additional 357 shares during the period. KBC Group NV grew its stake in shares of Iridium Communications by 30.3% during the fourth quarter. KBC Group NV now owns 4,948 shares of the technology company's stock worth $144,000 after purchasing an additional 1,152 shares during the period. Finally, Pacer Advisors Inc. grew its stake in shares of Iridium Communications by 4.2% during the fourth quarter. Pacer Advisors Inc. now owns 741,577 shares of the technology company's stock worth $21,521,000 after purchasing an additional 29,821 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IRDM has been the subject of a number of analyst reports. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Barclays decreased their price objective 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 initiated coverage on Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 price objective for the company. 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 research note on Wednesday, April 23rd. Finally, Wall Street Zen lowered Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $34.25.

Iridium Communications Trading Down 2.1%

IRDM stock traded down $0.55 during midday trading on Wednesday, hitting $25.68. 847,019 shares of the company's stock were exchanged, compared to its average volume of 1,157,713. The stock's fifty day moving average price is $25.24 and its 200-day moving average price is $28.00. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company has a market cap of $2.78 billion, a PE ratio of 27.03, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a one year low of $19.91 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. The company had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same period in the previous year, the company posted $0.17 earnings per share. Research analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.18%. Iridium Communications's dividend payout ratio (DPR) is 52.83%.

Iridium Communications Company 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.