Select Equity Group L.P. Sells 227,306 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Select Equity Group L.P. lessened its position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 23.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Barclays PLC lifted its position in shares of 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. Ballentine Partners LLC lifted its holdings in Iridium Communications by 6.8% during the fourth quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock worth $340,000 after acquiring an additional 750 shares during the period. Crossmark Global Holdings Inc. lifted its holdings in Iridium Communications by 420.5% during the fourth quarter. Crossmark Global Holdings Inc. now owns 39,597 shares of the technology company's stock worth $1,149,000 after acquiring an additional 31,990 shares during the period. SG Americas Securities LLC bought a new stake in Iridium Communications during the fourth quarter worth $186,000. Finally, Inspire Investing LLC lifted its holdings in Iridium Communications by 185.7% during the fourth quarter. Inspire Investing LLC now owns 43,265 shares of the technology company's stock worth $1,256,000 after acquiring an additional 28,119 shares during the period. 84.36% of the stock is owned by institutional investors.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM traded up $0.12 during midday trading on Thursday, reaching $25.43. 241,596 shares of the company traded hands, compared to its average volume of 1,151,479. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications Inc. has a 12 month low of $19.91 and a 12 month high of $35.85. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 26.74, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74. The firm's fifty day moving average price is $25.40 and its two-hundred day moving average price is $28.13.

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

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Friday, June 13th. Iridium Communications's payout ratio is currently 52.83%.

Wall Street Analysts Forecast Growth

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