Iridium Communications Inc (NASDAQ:IRDM) Shares Sold by Riverwater Partners LLC

Riverwater Partners LLC decreased its stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 51.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,261 shares of the technology company's stock after selling 52,235 shares during the period. Riverwater Partners LLC's holdings in Iridium Communications were worth $1,346,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Pinnacle Holdings LLC increased its holdings in Iridium Communications by 45.4% during 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. GAMMA Investing LLC increased its holdings in Iridium Communications by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after acquiring an additional 488 shares in the last quarter. Two Sigma Advisers LP increased its holdings in Iridium Communications by 6.6% during the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company's stock valued at $235,000 after acquiring an additional 500 shares in the last quarter. EntryPoint Capital LLC increased its holdings in Iridium Communications by 4.1% during the 4th quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company's stock valued at $445,000 after acquiring an additional 600 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in Iridium Communications by 4.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company's stock valued at $553,000 after acquiring an additional 729 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Analyst Upgrades and Downgrades

IRDM has been the subject of several recent research reports. BWS Financial dropped their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Oppenheimer initiated coverage on shares of Iridium Communications in a report on Monday, May 5th. They set an "outperform" rating and a $34.00 target price for the company. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Barclays dropped their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. Finally, Wall Street Zen downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $34.25.

Iridium Communications Trading Down 1.1%

Shares of NASDAQ IRDM traded down $0.31 during midday trading on Friday, reaching $28.43. 2,230,124 shares of the stock were exchanged, compared to its average volume of 1,168,235. The company has a market capitalization of $3.07 billion, a P/E ratio of 26.82, a P/E/G ratio of 0.98 and a beta of 0.75. Iridium Communications Inc has a 52-week low of $19.91 and a 52-week high of $35.85. The company has a current ratio of 1.99, a quick ratio of 1.36 and a debt-to-equity ratio of 3.43. The stock has a 50 day moving average price of $25.80 and a 200-day moving average price of $27.81.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. Iridium Communications had a net margin of 14.68% and a return on equity of 19.41%. The business had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same period in the previous year, the firm posted $0.17 earnings per share. Equities research analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.97%. Iridium Communications's dividend payout ratio (DPR) is presently 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.