Sumitomo Mitsui Trust Holdings Inc. Purchases 539,909 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Sumitomo Mitsui Trust Holdings Inc. raised its position in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 44.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,743,482 shares of the technology company's stock after purchasing an additional 539,909 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 1.41% of Iridium Communications worth $71,762,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Advisor Partners II LLC boosted its holdings in Iridium Communications by 1.9% in the 1st quarter. Advisor Partners II LLC now owns 8,589 shares of the technology company's stock valued at $532,000 after purchasing an additional 163 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in shares of Iridium Communications by 2.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,371 shares of the technology company's stock worth $580,000 after acquiring an additional 192 shares during the last quarter. Captrust Financial Advisors lifted its holdings in shares of Iridium Communications by 0.8% in the 2nd quarter. Captrust Financial Advisors now owns 24,362 shares of the technology company's stock worth $1,513,000 after acquiring an additional 202 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Iridium Communications by 1.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company's stock worth $603,000 after acquiring an additional 223 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Iridium Communications by 0.9% in the 3rd quarter. Arizona State Retirement System now owns 32,269 shares of the technology company's stock worth $1,468,000 after acquiring an additional 272 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Stock Up 5.5 %

Shares of NASDAQ:IRDM traded up $1.35 during trading hours on Thursday, reaching $26.06. The stock had a trading volume of 2,129,922 shares, compared to its average volume of 1,105,167. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $68.34. The firm's 50 day moving average is $27.81 and its 200-day moving average is $35.05. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 200.46 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. The company had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. During the same period in the prior year, the firm posted $0.08 EPS. The company's quarterly revenue was down .7% compared to the same quarter last year. Research analysts predict that Iridium Communications Inc. will post 0.72 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Thursday, March 14th. Iridium Communications's payout ratio is 400.00%.

Analysts Set New Price Targets

Several brokerages have recently commented on IRDM. BWS Financial lowered shares of Iridium Communications from a "buy" rating to a "neutral" rating and set a $30.00 price objective on the stock. in a report on Friday, February 16th. TheStreet raised shares of Iridium Communications from a "d+" rating to a "c-" rating in a research note on Thursday, February 15th. Raymond James cut their target price on shares of Iridium Communications from $53.00 to $48.00 and set a "strong-buy" rating on the stock in a research note on Friday, February 16th. William Blair downgraded shares of Iridium Communications from an "outperform" rating to a "market perform" rating in a research note on Thursday, February 15th. Finally, Barclays cut their target price on shares of Iridium Communications from $45.00 to $42.00 and set an "overweight" rating on the stock in a research note on Friday, February 23rd. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Iridium Communications has an average rating of "Moderate Buy" and a consensus price target of $49.80.

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.