Bamco Inc. NY Cuts Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Bamco Inc. NY cut its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 3.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,769,377 shares of the technology company's stock after selling 349,408 shares during the period. Iridium Communications makes up 0.8% of Bamco Inc. NY's portfolio, making the stock its 23rd largest holding. Bamco Inc. NY owned about 9.46% of Iridium Communications worth $312,527,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRDM. Barclays PLC raised its holdings in shares of Iridium Communications by 19.2% in the third quarter. Barclays PLC now owns 856,901 shares of the technology company's stock worth $26,093,000 after buying an additional 137,924 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Iridium Communications by 18.0% in the third quarter. Franklin Resources Inc. now owns 143,049 shares of the technology company's stock valued at $4,296,000 after purchasing an additional 21,857 shares during the period. GAMMA Investing LLC grew its stake in Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after purchasing an additional 1,074 shares in the last quarter. Nordea Investment Management AB increased its holdings in Iridium Communications by 30.2% during the 4th quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company's stock worth $7,264,000 after purchasing an additional 57,690 shares during the period. Finally, Ballentine Partners LLC raised its position in Iridium Communications by 6.8% during the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock valued at $340,000 after purchasing an additional 750 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Barclays decreased their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. BWS Financial lowered their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Finally, Oppenheimer started coverage on Iridium Communications in a research note on Monday. They issued an "outperform" rating and a $34.00 target price for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.25.

Iridium Communications Stock Performance

Shares of IRDM traded up $0.39 during mid-day trading on Friday, reaching $26.40. The company had a trading volume of 426,228 shares, compared to its average volume of 1,137,179. The stock has a market capitalization of $2.86 billion, a P/E ratio of 27.79, a PEG ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a 52-week low of $19.91 and a 52-week high of $35.85. The stock has a 50 day moving average of $26.01 and a two-hundred day moving average of $28.35. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The business had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the prior year, the firm posted $0.17 EPS. On average, analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.12%. Iridium Communications's payout ratio is 52.83%.

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.