Skylands Capital LLC Reduces Holdings in Iridium Communications Inc (NASDAQ:IRDM)

Skylands Capital LLC lowered its position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 73,700 shares of the technology company's stock after selling 17,500 shares during the quarter. Skylands Capital LLC owned about 0.07% of Iridium Communications worth $2,013,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. raised its stake in Iridium Communications by 37.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company's stock valued at $106,361,000 after purchasing an additional 1,064,093 shares in the last quarter. Nikko Asset Management Americas Inc. raised its position in shares of Iridium Communications by 13.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company's stock valued at $82,028,000 after buying an additional 329,915 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock valued at $64,125,000 after buying an additional 683,777 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Iridium Communications by 37.3% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company's stock worth $60,595,000 after acquiring an additional 567,164 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Iridium Communications by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,062,066 shares of the technology company's stock worth $59,841,000 after acquiring an additional 149,606 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Trading Up 3.0%

NASDAQ:IRDM traded up $0.93 during midday trading on Wednesday, reaching $31.52. 1,103,703 shares of the stock traded hands, compared to its average volume of 1,161,482. The stock has a market capitalization of $3.41 billion, a P/E ratio of 29.74, a PEG ratio of 1.03 and a beta of 0.79. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.36 and a current ratio of 1.99. The company has a fifty day moving average of $26.65 and a 200 day moving average of $27.74. Iridium Communications Inc has a 12 month low of $19.91 and a 12 month high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.22 by $0.05. The firm 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 14.68% and a return on equity of 19.41%. During the same period in the prior year, the firm posted $0.17 earnings per share. On average, research analysts predict that Iridium Communications Inc will post 0.89 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Friday, June 13th. Iridium Communications's payout ratio is 52.83%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on IRDM shares. Oppenheimer started coverage on Iridium Communications in a research report on Monday, May 5th. They set an "outperform" rating and a $34.00 price target on the stock. BWS Financial decreased their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Barclays dropped their target price 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. Wall Street Zen cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.