Zurcher Kantonalbank Zurich Cantonalbank Lowers Stock Position in Iridium Communications Inc $IRDM

Key Points

• Zurcher Kantonalbank cut its stake by 51.2% in Iridium Communications in Q4, selling 35,000 shares and leaving it with 33,393 shares valued at about $580,000.
• Other large institutions boosted positions—ARK Investment now owns 6.49 million shares and Millennium Management increased its stake by 265.8%—contributing to roughly 84.36% institutional ownership.
• Analysts are mixed with a consensus "Hold" rating and an average target of $27.60; IRDM recently opened near $39.44, has a 12‑month range of $15.65–$44.36, and last quarter missed EPS estimates ($0.20 vs. $0.27).

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Iridium Communications Inc (NASDAQ:IRDM - Free Report) by 51.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,393 shares of the technology company's stock after selling 35,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Iridium Communications were worth $580,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. ARK Investment Management LLC grew its stake in shares of Iridium Communications by 21.7% during the 3rd quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company's stock valued at $113,317,000 after buying an additional 1,156,580 shares during the period. Silver Heights Capital Management Inc grew its stake in shares of Iridium Communications by 22.7% during the 3rd quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company's stock valued at $90,612,000 after buying an additional 961,440 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Iridium Communications by 0.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,343,670 shares of the technology company's stock valued at $75,840,000 after buying an additional 27,907 shares during the period. Millennium Management LLC grew its stake in shares of Iridium Communications by 265.8% during the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company's stock valued at $53,074,000 after buying an additional 2,208,857 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Iridium Communications by 9.0% during the 3rd quarter. American Century Companies Inc. now owns 2,878,902 shares of the technology company's stock valued at $50,266,000 after buying an additional 238,244 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on IRDM shares. Barclays boosted their price objective 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. Raymond James Financial reissued a "market perform" rating on shares of Iridium Communications in a research note on Friday, April 24th. BWS Financial restated a "sell" rating and set a $16.00 target price on shares of Iridium Communications in a report on Monday, April 27th. Morgan Stanley lifted their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the company an "equal weight" rating in a report on Wednesday, February 18th. Finally, Weiss Ratings upgraded shares of Iridium Communications from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, March 10th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Iridium Communications has a consensus rating of "Hold" and an average target price of $27.60.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $39.44 on Friday. Iridium Communications Inc has a 12 month low of $15.65 and a 12 month high of $44.36. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21. The firm has a market capitalization of $4.17 billion, a P/E ratio of 39.84, a P/E/G ratio of 2.65 and a beta of 0.79. The company's fifty day moving average price is $30.41 and its two-hundred day moving average price is $22.66.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The firm had revenue of $219.06 million during the quarter, compared to analyst estimates of $218.39 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The business's quarterly revenue was up 2.0% compared to the same quarter last year. On average, research analysts anticipate that Iridium Communications Inc will post 1.06 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were issued a $0.15 dividend. The ex-dividend date was Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Iridium Communications's payout ratio is currently 60.61%.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 3,790 shares of the business's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total value of $117,490.00. Following the transaction, the chief accounting officer owned 47,764 shares in the company, valued at $1,480,684. The trade was a 7.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by corporate insiders.

Iridium Communications Profile

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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