Principal Financial Group Inc. Has $6.86 Million Stock Position in Iridium Communications Inc (NASDAQ:IRDM)

Principal Financial Group Inc. lowered its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 3.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 251,019 shares of the technology company's stock after selling 10,115 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Iridium Communications worth $6,858,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. UMB Bank n.a. boosted its position in Iridium Communications by 129.8% in the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock worth $38,000 after purchasing an additional 779 shares in the last quarter. Pinnacle Holdings LLC lifted its position in shares of Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after buying an additional 477 shares in the last quarter. Covestor Ltd lifted its position in shares of Iridium Communications by 529.6% during the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock valued at $73,000 after buying an additional 2,113 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Iridium Communications by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after buying an additional 488 shares in the last quarter. Finally, Salomon & Ludwin LLC purchased a new position in shares of Iridium Communications during the 1st quarter valued at approximately $109,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Performance

Shares of Iridium Communications stock traded down $0.03 during trading on Friday, reaching $32.08. The company's stock had a trading volume of 1,403,165 shares, compared to its average volume of 1,185,901. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.36 and a current ratio of 1.99. The business's fifty day moving average price is $28.49 and its 200-day moving average price is $27.98. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 30.26, a price-to-earnings-growth ratio of 1.08 and a beta of 0.79. 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 released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share 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 the consensus estimate of $211.78 million. Iridium Communications had a return on equity of 19.41% and a net margin of 14.68%. During the same period in the previous year, the business earned $0.17 earnings per share. As a group, equities research analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications's dividend payout ratio is currently 52.83%.

Analyst Ratings Changes

A number of brokerages recently commented on IRDM. Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Oppenheimer assumed coverage on Iridium Communications in a report on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price on the stock. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Finally, BWS Financial decreased their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of "Moderate Buy" and a consensus price target of $34.25.

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.