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

Hsbc Holdings PLC decreased its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 34.8% in the fourth 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Barclays PLC boosted its position in Iridium Communications by 19.2% during the third quarter. Barclays PLC now owns 856,901 shares of the technology company's stock valued at $26,093,000 after purchasing an additional 137,924 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Iridium Communications by 18.0% in the 3rd quarter. Franklin Resources Inc. now owns 143,049 shares of the technology company's stock valued at $4,296,000 after buying an additional 21,857 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after buying an additional 1,074 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of 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 acquiring an additional 57,690 shares in the last quarter. Finally, Ballentine Partners LLC lifted its position in Iridium Communications by 6.8% during the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock valued at $340,000 after acquiring an additional 750 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

Analysts Set New Price Targets

IRDM has been the topic of a number of recent analyst reports. Cantor Fitzgerald started coverage on Iridium Communications in a research report on Friday, January 24th. They set an "overweight" rating and a $40.00 price target on the stock. William Blair upgraded Iridium Communications from a "market perform" rating to an "outperform" rating in a research note on Tuesday, April 22nd. Barclays dropped their price target on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. StockNews.com lowered shares of Iridium Communications from a "buy" rating to a "hold" rating in a research report on Thursday. Finally, BWS Financial dropped their target price on shares of 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 and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $34.33.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM traded up $1.10 during trading on Friday, hitting $25.17. The stock had a trading volume of 1,117,109 shares, compared to its average volume of 1,133,423. Iridium Communications Inc. has a 12-month low of $19.91 and a 12-month high of $35.85. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 26.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The stock has a 50-day simple moving average of $26.46 and a two-hundred day simple moving average of $28.44.

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

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.22%. The ex-dividend date was Monday, March 17th. Iridium Communications's payout ratio is 52.83%.

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.