Wells Fargo & Company MN Trims Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Wells Fargo & Company MN lowered its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 83.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,038 shares of the technology company's stock after selling 97,935 shares during the quarter. Wells Fargo & Company MN's holdings in Iridium Communications were worth $552,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Resona Asset Management Co. Ltd. purchased a new position in shares of Iridium Communications in the 4th quarter worth approximately $358,000. Riverwater Partners LLC grew its holdings in Iridium Communications by 19.2% during the 4th quarter. Riverwater Partners LLC now owns 101,496 shares of the technology company's stock valued at $2,945,000 after purchasing an additional 16,350 shares during the last quarter. Allen Wealth Management LLC purchased a new stake in Iridium Communications in the 4th quarter worth about $1,136,000. Trexquant Investment LP lifted its stake in Iridium Communications by 142.0% in the fourth quarter. Trexquant Investment LP now owns 441,183 shares of the technology company's stock worth $12,803,000 after purchasing an additional 258,892 shares during the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Iridium Communications by 44.7% during the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company's stock valued at $64,125,000 after buying an additional 683,777 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IRDM has been the subject of a number of recent analyst reports. Barclays dropped their price objective on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. 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 note on Wednesday, April 23rd. StockNews.com downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday. Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. Finally, Oppenheimer started coverage on Iridium Communications in a research report on Monday. They set an "outperform" rating and a $34.00 target price for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $34.25.

Iridium Communications Stock Up 2.4 %

NASDAQ IRDM traded up $0.60 on Monday, hitting $25.77. The stock had a trading volume of 1,577,167 shares, compared to its average volume of 1,135,198. Iridium Communications Inc. has a 52-week low of $19.91 and a 52-week high of $35.85. The business's fifty day moving average price is $26.33 and its 200 day moving average price is $28.40. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 27.13, a price-to-earnings-growth ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last released its earnings results 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 company had revenue of $214.88 million during the quarter, compared to analysts' expectations 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 business earned $0.17 EPS. Equities research analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Monday, March 17th. Iridium Communications's dividend payout ratio (DPR) is presently 52.83%.

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.