Sumitomo Mitsui Trust Group Inc. Has $106.36 Million Holdings in Iridium Communications Inc (NASDAQ:IRDM)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 37.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,893,145 shares of the technology company's stock after acquiring an additional 1,064,093 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 3.58% of Iridium Communications worth $106,361,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Lecap Asset Management Ltd. increased its stake in Iridium Communications by 78.7% during the 1st quarter. Lecap Asset Management Ltd. now owns 39,845 shares of the technology company's stock worth $1,089,000 after acquiring an additional 17,543 shares during the period. Cambridge Investment Research Advisors Inc. bought a new stake in Iridium Communications during the first quarter worth about $247,000. QRG Capital Management Inc. grew its stake in Iridium Communications by 18.0% during the first quarter. QRG Capital Management Inc. now owns 8,283 shares of the technology company's stock worth $226,000 after buying an additional 1,261 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Iridium Communications by 85.8% during the first quarter. Janney Montgomery Scott LLC now owns 26,627 shares of the technology company's stock worth $727,000 after buying an additional 12,297 shares in the last quarter. Finally, Integrated Advisors Network LLC bought a new position in Iridium Communications in the 1st quarter valued at about $296,000. 84.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

IRDM has been the subject of a number of recent analyst reports. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Barclays cut their target price 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. Wall Street Zen lowered Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. BWS Financial dropped their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Finally, Oppenheimer assumed coverage on Iridium Communications in a research note on Monday, May 5th. They issued an "outperform" rating and a $34.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.25.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM traded up $0.24 during trading on Thursday, hitting $31.76. 870,458 shares of the company were exchanged, compared to its average volume of 1,162,746. Iridium Communications Inc has a 1-year low of $19.91 and a 1-year high of $35.85. The company has a market capitalization of $3.44 billion, a P/E ratio of 29.96, a price-to-earnings-growth ratio of 1.04 and a beta of 0.79. The company has a quick ratio of 1.36, a current ratio of 1.99 and a debt-to-equity ratio of 3.43. The business's 50 day moving average is $26.85 and its 200-day moving average is $27.76.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The business 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 19.41% and a net margin of 14.68%. During the same quarter in the previous year, the company posted $0.17 EPS. Equities analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Friday, June 13th. Iridium Communications's dividend payout ratio (DPR) is currently 52.83%.

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.