Swiss National Bank Sells 11,100 Shares of Iridium Communications Inc $IRDM

Key Points

• The Swiss National Bank reduced its stake in Iridium Communications Inc by 5.3%, selling 11,100 shares and leaving it with a total of 198,500 shares valued at approximately $5.4 million.
• Iridium Communications recently reported quarterly earnings, revealing a EPS of $0.20, which was below analysts' expectations of $0.23, although revenue increased by 7.9% year-over-year.
• The company declared a quarterly dividend of $0.15 per share, marking an increase from its previous dividend of $0.14, representing an annualized yield of 2.4%.

Swiss National Bank lessened its stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 5.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,500 shares of the technology company's stock after selling 11,100 shares during the period. Swiss National Bank owned 0.18% of Iridium Communications worth $5,423,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. UMB Bank n.a. raised its position in shares of Iridium Communications by 129.8% during the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after acquiring an additional 779 shares during the last quarter. Cooksen Wealth LLC acquired a new position in Iridium Communications in the 1st quarter worth $47,000. SBI Securities Co. Ltd. boosted its stake in shares of Iridium Communications by 37.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock worth $48,000 after buying an additional 476 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Iridium Communications by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock worth $108,000 after buying an additional 488 shares during the last quarter. Finally, Salomon & Ludwin LLC acquired a new position in shares of Iridium Communications during the 1st quarter worth about $109,000. Institutional investors own 84.36% of the company's stock.

Iridium Communications Trading Up 3.7%

Shares of NASDAQ:IRDM traded up $0.9030 during mid-day trading on Friday, reaching $25.0430. 874,683 shares of the company's stock were exchanged, compared to its average volume of 1,396,962. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 25.24, a PEG ratio of 0.88 and a beta of 0.76. The business's fifty day moving average price is $28.09 and its 200-day moving average price is $27.42. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51. 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 posted its earnings results on Thursday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business had revenue of $216.91 million for the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The company's revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 earnings per share. On average, research analysts predict that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.4%. This is a boost from Iridium Communications's previous quarterly dividend of $0.14. The ex-dividend date is Monday, September 15th. Iridium Communications's dividend payout ratio is presently 60.61%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Morgan Stanley lowered their target price on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. Barclays dropped their target price on shares of Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Wall Street Zen cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $39.00 target price (down from $47.00) on shares of Iridium Communications in a report on Friday, July 25th. Finally, Oppenheimer started coverage on shares of Iridium Communications in a report on Monday, May 5th. They issued an "outperform" rating and a $34.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $34.33.

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.