Rhumbline Advisers Sells 17,485 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Rhumbline Advisers reduced its holdings in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 5.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 299,969 shares of the technology company's stock after selling 17,485 shares during the quarter. Rhumbline Advisers owned 0.28% of Iridium Communications worth $8,195,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Plato Investment Management Ltd bought a new stake in shares of Iridium Communications in the fourth quarter valued at about $32,000. SBI Securities Co. Ltd. acquired a new stake in Iridium Communications in the 4th quarter valued at approximately $37,000. Pinnacle Holdings LLC lifted its stake in Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after acquiring an additional 477 shares in the last quarter. 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 valued at $73,000 after purchasing an additional 2,113 shares during the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $131,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Performance

Shares of IRDM traded down $0.59 during midday trading on Friday, reaching $28.64. The stock had a trading volume of 854,063 shares, compared to its average volume of 1,163,213. The firm has a 50 day simple moving average of $25.21 and a 200-day simple moving average of $27.85. Iridium Communications Inc. has a one year low of $19.91 and a one year high of $35.85. The firm has a market cap of $3.10 billion, a PE ratio of 30.15, a P/E/G ratio of 1.28 and a beta of 0.75. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results 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 business had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. During the same period last year, the business posted $0.17 EPS. As a group, sell-side analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.96%. Iridium Communications's dividend payout ratio is currently 52.83%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on IRDM shares. Barclays decreased their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. BWS Financial reduced their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Oppenheimer began coverage on Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price on the stock. Wall Street Zen lowered Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus 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.