Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC cut its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 34.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 189,097 shares of the technology company's stock after selling 100,796 shares during the period. Hsbc Holdings PLC owned 0.17% of Iridium Communications worth $5,512,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in IRDM. Plato Investment Management Ltd bought a new position in shares of Iridium Communications during the fourth quarter valued at $32,000. SBI Securities Co. Ltd. bought a new position in shares of Iridium Communications during the 4th quarter valued at $37,000. Pinnacle Holdings LLC boosted its position in Iridium Communications by 45.4% in the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after purchasing an additional 477 shares during the last quarter. Fifth Third Bancorp grew its position in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after buying an additional 357 shares during the period. Finally, Covestor Ltd raised its stake in shares of Iridium Communications by 529.6% in the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock worth $73,000 after buying an additional 2,113 shares during the period. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Stock Up 4.6 %

Shares of NASDAQ:IRDM traded up $1.10 during trading on Friday, reaching $25.17. The stock had a trading volume of 1,117,109 shares, compared to its average volume of 1,130,204. Iridium Communications Inc. has a one year low of $19.91 and a one year high of $35.85. The firm's 50-day simple moving average is $26.58 and its 200 day simple moving average is $28.52. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $2.72 billion, a P/E ratio of 26.50, a PEG ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share 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 analysts' expectations of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same period in the previous year, the firm posted $0.17 EPS. As a group, research analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is presently 52.83%.

Analysts Set New Price Targets

Several research firms have weighed in on IRDM. BWS Financial cut their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Barclays reduced their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Cantor Fitzgerald assumed coverage on Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price for the company. Finally, StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $34.33.

Iridium Communications 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.