Pinnacle Associates Ltd. Sells 31,186 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Pinnacle Associates Ltd. lessened its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 764,065 shares of the technology company's stock after selling 31,186 shares during the quarter. Pinnacle Associates Ltd. owned about 0.71% of Iridium Communications worth $20,874,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Iridium Communications by 1.6% during the 4th quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company's stock worth $18,336,000 after acquiring an additional 10,195 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Iridium Communications during the 1st quarter worth about $247,000. 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 worth $108,000 after purchasing an additional 488 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Iridium Communications by 369.5% during the 4th quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company's stock worth $2,019,000 after purchasing an additional 54,747 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Iridium Communications by 85.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 26,627 shares of the technology company's stock worth $727,000 after purchasing an additional 12,297 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

Wall Street Analyst Weigh In

IRDM has been the subject of several research analyst reports. Wall Street Zen cut Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. 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 report on Wednesday, April 23rd. Raymond James Financial reissued a "strong-buy" rating and issued a $39.00 target price (down from $47.00) on shares of Iridium Communications in a report on Friday. Finally, Oppenheimer started coverage on Iridium Communications in a report on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.20.

Iridium Communications Price Performance

NASDAQ IRDM traded up $0.43 during trading hours on Friday, reaching $25.69. 4,022,574 shares of the company's stock were exchanged, compared to its average volume of 1,778,816. The stock has a market cap of $2.78 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 0.86 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. The firm has a fifty day moving average of $28.85 and a 200-day moving average of $27.96. The company has a current ratio of 1.99, a quick ratio of 1.36 and a debt-to-equity ratio of 3.43.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.03). The business had revenue of $216.91 million for the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a return on equity of 19.30% and a net margin of 13.20%. The firm's revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $0.27 earnings per share. On average, equities research analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, September 15th. This is a positive change from Iridium Communications's previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 2.34%. Iridium Communications's dividend payout ratio is 52.83%.

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.