Russell Investments Group Ltd. Lowers Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Russell Investments Group Ltd. lessened its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 88.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,535 shares of the technology company's stock after selling 173,374 shares during the period. Russell Investments Group Ltd.'s holdings in Iridium Communications were worth $683,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new stake in Iridium Communications in the 4th quarter valued at approximately $32,000. SBI Securities Co. Ltd. purchased a new stake in Iridium Communications in the 4th quarter valued at approximately $37,000. Fifth Third Bancorp boosted its holdings in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock valued at $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock valued at $101,000 after purchasing an additional 1,074 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Iridium Communications in the 4th quarter valued at approximately $131,000. Institutional investors and hedge funds own 84.36% of the company's stock.

Iridium Communications Price Performance

Iridium Communications stock traded up $1.00 during midday trading on Monday, reaching $24.16. 1,950,411 shares of the company were exchanged, compared to its average volume of 1,135,747. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 25.43, a P/E/G ratio of 1.28 and a beta of 0.66. The firm's 50-day simple moving average is $27.03 and its 200-day simple moving average is $28.63. Iridium Communications Inc. has a 1 year low of $19.91 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The firm had revenue of $214.88 million during 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 quarter last year, the business posted $0.17 EPS. On average, analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current 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 2.32%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is 52.83%.

Wall Street Analyst Weigh In

IRDM has been the topic of several research analyst reports. Cantor Fitzgerald initiated coverage on Iridium Communications in a research note on Friday, January 24th. They set an "overweight" rating and a $40.00 price target on the stock. BWS Financial decreased their price target on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research note 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. StockNews.com lowered Iridium Communications from a "buy" rating to a "hold" rating in a research note on Tuesday, April 22nd. Finally, Barclays decreased 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Iridium Communications currently has an average rating of "Moderate Buy" and an average price target of $34.33.

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.