Iridium Communications Inc $IRDM Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC reduced its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 80.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,892 shares of the technology company’s stock after selling 45,785 shares during the period. SG Americas Securities LLC’s holdings in Iridium Communications were worth $302,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its holdings in Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after purchasing an additional 741 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after buying an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Iridium Communications in the third quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Iridium Communications by 10,363.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock valued at $35,000 after buying an additional 1,969 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analysts Set New Price Targets

IRDM has been the subject of several research analyst reports. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Morgan Stanley increased their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Oppenheimer raised their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Barclays boosted their price objective on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $38.67.

Iridium Communications Stock Down 1.1%

Iridium Communications stock opened at $50.06 on Friday. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $57.18. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 50.57, a price-to-earnings-growth ratio of 3.42 and a beta of 0.87. The stock’s fifty day moving average is $46.81 and its two-hundred day moving average is $32.78. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The firm had revenue of $219.06 million for the quarter, compared to analyst estimates of $218.39 million. During the same period last year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. Analysts predict that Iridium Communications Inc will post 1.05 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date was Monday, June 15th. Iridium Communications’s dividend payout ratio (DPR) is 60.61%.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.