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

Wells Fargo & Company MN cut its stake in Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 83.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,038 shares of the technology company's stock after selling 97,935 shares during the period. Wells Fargo & Company MN's holdings in Iridium Communications were worth $552,000 at the end of the most recent reporting period.

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

Iridium Communications Price Performance

Shares of Iridium Communications stock remained flat at $26.31 on Thursday. The company's stock had a trading volume of 153,346 shares, compared to its average volume of 1,339,624. Iridium Communications Inc. has a twelve month low of $19.91 and a twelve month high of $35.85. The company's 50 day moving average price is $26.11 and its two-hundred day moving average price is $28.37. 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 company has a market cap of $2.85 billion, a P/E ratio of 27.70, 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 quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The company had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same period last year, the company earned $0.17 EPS. As a group, research analysts predict that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a yield of 2.13%. Iridium Communications's dividend payout ratio (DPR) is 52.83%.

Analysts Set New Price Targets

IRDM has been the topic of a number of recent research reports. BWS Financial cut their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Oppenheimer started coverage on Iridium Communications in a research note on Monday. They set an "outperform" rating and a $34.00 price objective for the company. StockNews.com cut Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Cantor Fitzgerald began coverage on Iridium Communications in a research report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company. Finally, Barclays cut their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Iridium Communications has an average rating of "Moderate Buy" and a consensus price target 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.