Skylands Capital LLC Sells 17,500 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Skylands Capital LLC lessened its position in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 19.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,700 shares of the technology company's stock after selling 17,500 shares during the period. Skylands Capital LLC owned 0.07% of Iridium Communications worth $2,013,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in 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 during the period. Teacher Retirement System of Texas boosted 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 valued at $2,019,000 after purchasing an additional 54,747 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in Iridium Communications by 376.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company's stock worth $141,000 after purchasing an additional 3,838 shares during the period. Raymond James Financial Inc. bought a new stake in Iridium Communications in the fourth quarter worth approximately $17,613,000. Finally, SBI Securities Co. Ltd. bought a new stake in Iridium Communications in the fourth quarter worth approximately $37,000. Institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Up 0.4%

NASDAQ IRDM traded up $0.13 during mid-day trading on Monday, hitting $30.17. The company's stock had a trading volume of 1,537,041 shares, compared to its average volume of 1,160,503. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 28.46, a PEG ratio of 1.02 and a beta of 0.75. The company's 50 day simple moving average is $26.33 and its 200 day simple moving average is $27.72. 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 Inc has a twelve month low of $19.91 and a twelve month high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. The firm had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a net margin of 14.68% and a return on equity of 19.41%. During the same period last year, the firm earned $0.17 earnings per share. Analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current 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 paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.86%. Iridium Communications's dividend payout ratio (DPR) is currently 52.83%.

Analyst Ratings Changes

Several brokerages have recently commented on IRDM. Oppenheimer initiated coverage on shares of Iridium Communications in a research report on Monday, May 5th. They set an "outperform" rating and a $34.00 price objective 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. Wall Street Zen downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Finally, BWS Financial cut their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.