Nordea Investment Management AB Has $4.63 Million Holdings in Iridium Communications Inc $IRDM

Key Points

• Nordea Investment Management AB cut its position in Iridium by 15.8% in Q4 to 267,615 shares valued at $4.63 million, about 0.26% of the company.
• Iridium reported $0.24 EPS (beating estimates by $0.01) but missed revenue expectations at $212.9M; the stock was down 4.6% and trades near $28.31 with a market cap of about $2.97B.
• The company announced a quarterly dividend of $0.15 (annualized $0.60, ~2.1% yield), and analysts' consensus is a "Hold" with a $25.40 target amid mixed ratings.

Nordea Investment Management AB decreased its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 15.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 267,615 shares of the technology company's stock after selling 50,323 shares during the quarter. Nordea Investment Management AB owned about 0.26% of Iridium Communications worth $4,630,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Hantz Financial Services Inc. increased its position in shares of Iridium Communications by 184.7% during the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company's stock worth $26,000 after buying an additional 977 shares during the period. Larson Financial Group LLC lifted its holdings in Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock valued at $26,000 after buying an additional 1,202 shares during the period. CIBC Private Wealth Group LLC acquired a new position in Iridium Communications in the third quarter valued at $32,000. Aster Capital Management DIFC Ltd bought a new stake in Iridium Communications during the third quarter valued at $46,000. Finally, Advisory Services Network LLC bought a new stake in Iridium Communications during the third quarter valued at $48,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Down 4.6%

Iridium Communications stock opened at $28.31 on Friday. The company has a market capitalization of $2.97 billion, a PE ratio of 26.71, a PEG ratio of 2.01 and a beta of 0.60. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $33.34. The firm's fifty day moving average is $22.89 and its 200 day moving average is $19.62. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The business had revenue of $212.94 million during the quarter, compared to analysts' expectations of $219.14 million. During the same period last year, the company posted $0.32 earnings per share. The business's quarterly revenue was up .0% on a year-over-year basis. As a group, sell-side analysts predict that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a $0.15 dividend. The ex-dividend date is Monday, March 16th. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. Iridium Communications's dividend payout ratio (DPR) is currently 56.60%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IRDM. Weiss Ratings raised Iridium Communications from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, March 10th. Morgan Stanley upped their target price on Iridium Communications from $24.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 18th. Finally, BWS Financial reaffirmed a "sell" rating and set a $16.00 target price on shares of Iridium Communications in a research note on Tuesday, February 17th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Iridium Communications has a consensus rating of "Hold" and a consensus target price of $25.40.

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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