Sumitomo Mitsui Trust Group Inc. Has $21.96 Million Stock Holdings in Iridium Communications Inc $IRDM

Key Points

• Sumitomo Mitsui Trust Group cut its stake in Iridium Communications by 32.3% in the first quarter, selling 378,479 shares. It still owned 791,773 shares worth about $21.96 million, or roughly 0.75% of the company.
• Other institutional investors also adjusted their positions, and hedge funds now own 84.36% of Iridium’s stock. Recent analyst coverage is mixed, with a consensus rating of Hold and an average price target of $38.67.
• Iridium reported quarterly EPS of $0.20, missing expectations, though revenue came in slightly above forecasts at $219.06 million. The company also paid a quarterly dividend of $0.15 per share, equal to a 1.2% annual yield.

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 32.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 791,773 shares of the technology company's stock after selling 378,479 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.75% of Iridium Communications worth $21,964,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of Iridium Communications by 33.0% in the first quarter. Royal Bank of Canada now owns 48,325 shares of the technology company's stock valued at $1,320,000 after purchasing an additional 11,985 shares in the last quarter. Amundi lifted its holdings in Iridium Communications by 1,243.0% during the 1st quarter. Amundi now owns 40,479 shares of the technology company's stock worth $1,035,000 after buying an additional 37,465 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Iridium Communications by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 232,231 shares of the technology company's stock valued at $6,345,000 after buying an additional 33,191 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Iridium Communications in the 1st quarter valued at $218,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Iridium Communications by 16.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,566 shares of the technology company's stock valued at $14,741,000 after buying an additional 75,060 shares during the period. Institutional investors and hedge funds own 84.36% of the company's stock.

Wall Street Analysts Forecast Growth

IRDM has been the topic of several research reports. New Street Research started coverage on Iridium Communications in a research note on Thursday, May 14th. They set a "neutral" rating and a $40.00 price target on the stock. William Blair cut Iridium Communications from an "outperform" rating to a "hold" rating in a report on Monday, June 29th. Oppenheimer upped their target price on shares of Iridium Communications from $48.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. Barclays raised their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Iridium Communications in a research report on Friday, April 24th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $38.67.

Iridium Communications Stock Down 2.9%

Shares of Iridium Communications stock opened at $48.59 on Tuesday. The business has a fifty day simple moving average of $47.00 and a 200 day simple moving average of $33.11. The stock has a market cap of $5.14 billion, a PE ratio of 49.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.87. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $57.18.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.07). The company had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.Iridium Communications's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.27 EPS. Research analysts predict that Iridium Communications Inc will post 1.05 EPS for the current year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications's dividend payout ratio is presently 60.61%.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company's unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium's core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.

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