Select Equity Group L.P. Lowers Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Select Equity Group L.P. trimmed its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 23.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 751,188 shares of the technology company's stock after selling 227,306 shares during the period. Select Equity Group L.P. owned 0.66% of Iridium Communications worth $21,799,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Plato Investment Management Ltd purchased a new position in Iridium Communications during the 4th quarter valued at about $32,000. SBI Securities Co. Ltd. purchased a new position in shares of Iridium Communications in the 4th quarter worth about $37,000. Pinnacle Holdings LLC raised its holdings 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 buying an additional 477 shares during the last quarter. Fifth Third Bancorp raised its holdings in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after buying an additional 357 shares during the last quarter. Finally, Covestor Ltd raised its holdings in 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 last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Stock Performance

Shares of Iridium Communications stock traded up $0.59 during trading hours on Tuesday, reaching $25.82. 921,088 shares of the stock traded hands, compared to its average volume of 1,154,071. The company has a 50 day moving average price of $25.45 and a 200 day moving average price of $28.14. 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 firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 27.18, a P/E/G ratio of 1.28 and a beta of 0.74. Iridium Communications Inc. has a one year low of $19.91 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the business posted $0.17 earnings per share. On average, equities research analysts expect that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, June 13th. This represents a $0.56 annualized dividend and a yield of 2.17%. Iridium Communications's dividend payout ratio (DPR) is 52.83%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a report on Tuesday, April 22nd. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price for the company. Barclays decreased their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. StockNews.com cut shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, BWS Financial decreased their target price on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $34.25.

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.