Victory Capital Management Inc. Has $928,000 Stake in Iridium Communications Inc (NASDAQ:IRDM)

Victory Capital Management Inc. decreased its stake in Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 97.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,966 shares of the technology company's stock after selling 1,565,538 shares during the quarter. Victory Capital Management Inc.'s holdings in Iridium Communications were worth $928,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in Iridium Communications by 1.6% during the fourth quarter. JPMorgan Chase & Co. now owns 631,852 shares of the technology company's stock valued at $18,336,000 after purchasing an additional 10,195 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Iridium Communications in the first quarter worth $247,000. GAMMA Investing LLC lifted its stake in shares of Iridium Communications by 14.1% in the first 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. Janney Montgomery Scott LLC lifted its stake in shares of Iridium Communications by 85.8% in the first quarter. Janney Montgomery Scott LLC now owns 26,627 shares of the technology company's stock worth $727,000 after buying an additional 12,297 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its stake in shares of Iridium Communications by 1.7% in the first quarter. New York State Teachers Retirement System now owns 115,054 shares of the technology company's stock worth $3,143,000 after buying an additional 1,976 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Stock Performance

Shares of IRDM traded up $0.27 on Monday, reaching $24.45. 561,158 shares of the stock traded hands, compared to its average volume of 1,386,384. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 24.70, a P/E/G ratio of 0.89 and a beta of 0.76. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. Iridium Communications Inc has a 12 month low of $19.91 and a 12 month high of $35.85. The stock's 50-day moving average price is $28.78 and its 200-day moving average price is $27.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.03). The firm had revenue of $216.91 million for the quarter, compared to the consensus estimate of $214.73 million. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The business's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. Equities analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.60 annualized dividend and a yield of 2.5%. This is a positive change from Iridium Communications's previous quarterly dividend of $0.14. Iridium Communications's payout ratio is presently 56.57%.

Analysts Set New Price Targets

IRDM has been the subject of a number of analyst reports. Wall Street Zen cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $39.00 price target (down from $47.00) on shares of Iridium Communications in a research report on Friday, July 25th. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Oppenheimer initiated coverage on Iridium Communications in a research report on Monday, May 5th. They issued an "outperform" rating and a $34.00 price target on the stock. Finally, BWS Financial dropped their price target on 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, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.33.

Iridium Communications Company 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.