Iridium Communications Inc. (NASDAQ:IRDM) Stock Holdings Boosted by Nuveen Asset Management LLC

Nuveen Asset Management LLC lifted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 590,023 shares of the technology company's stock after purchasing an additional 10,226 shares during the period. Nuveen Asset Management LLC owned about 0.52% of Iridium Communications worth $17,122,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Plato Investment Management Ltd purchased a new position in shares of Iridium Communications in the 4th quarter valued at approximately $32,000. SBI Securities Co. Ltd. acquired a new position in Iridium Communications during the fourth quarter worth $37,000. Pinnacle Holdings LLC raised its holdings in shares of Iridium Communications by 45.4% in the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after acquiring an additional 477 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after acquiring an additional 357 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of Iridium Communications by 529.6% in the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after acquiring an additional 2,113 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Down 1.4%

IRDM traded down $0.35 on Thursday, reaching $25.33. The company's stock had a trading volume of 140,675 shares, compared to its average volume of 1,154,851. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a 1 year low of $19.91 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The business's 50 day moving average is $25.20 and its 200 day moving average is $27.98.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The firm had revenue of $214.88 million for the quarter, compared to analysts' expectations of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the prior year, the firm posted $0.17 earnings per share. As a group, research analysts forecast that Iridium Communications Inc. will post 0.89 EPS 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. Shareholders of record on Friday, June 13th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Friday, June 13th. Iridium Communications's payout ratio is currently 52.83%.

Analyst Ratings Changes

IRDM has been the subject of several analyst reports. BWS Financial dropped their target price 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. Wall Street Zen downgraded Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Barclays lowered their price target on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Oppenheimer initiated coverage on Iridium Communications in a research report on Monday, May 5th. They set an "outperform" rating and a $34.00 price target for the company. Finally, William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $34.25.

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.