Bank of Hawaii lowered its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM – Free Report) by 10.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,345 shares of the technology company’s stock after selling 400 shares during the period. Bank of Hawaii’s holdings in Iridium Communications were worth $208,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. ICA Group Wealth Management LLC acquired a new stake in Iridium Communications during the fourth quarter worth about $36,000. Dupont Capital Management Corp grew its stake in shares of Iridium Communications by 37.5% in the 1st quarter. Dupont Capital Management Corp now owns 884 shares of the technology company’s stock valued at $55,000 after buying an additional 241 shares during the period. Belpointe Asset Management LLC increased its holdings in shares of Iridium Communications by 78.7% during the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after buying an additional 436 shares during the last quarter. Point72 Middle East FZE purchased a new stake in shares of Iridium Communications during the 4th quarter valued at approximately $64,000. Finally, Signaturefd LLC lifted its holdings in Iridium Communications by 96.4% in the first quarter. Signaturefd LLC now owns 1,076 shares of the technology company’s stock valued at $67,000 after acquiring an additional 528 shares during the last quarter. 81.30% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
IRDM has been the subject of several recent analyst reports. Raymond James cut their target price on Iridium Communications from $58.00 to $53.00 and set a “strong-buy” rating for the company in a research note on Friday, November 10th. Deutsche Bank Aktiengesellschaft raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Monday, September 18th. William Blair reiterated an “outperform” rating on shares of Iridium Communications in a research report on Friday, November 10th. Barclays upgraded shares of Iridium Communications from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $66.00 to $65.00 in a report on Thursday, July 27th. Finally, StockNews.com began coverage on shares of Iridium Communications in a report on Thursday, October 5th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Iridium Communications currently has an average rating of “Buy” and an average price target of $64.40.
Iridium Communications Trading Up 0.2 %
NASDAQ IRDM opened at $37.52 on Friday. Iridium Communications Inc. has a one year low of $34.21 and a one year high of $68.34. The firm has a 50 day simple moving average of $42.30 and a 200-day simple moving average of $52.14. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of -208.43 and a beta of 1.05. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.53 and a current ratio of 2.13.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last posted its quarterly earnings results on Thursday, October 19th. The technology company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.04). The business had revenue of $197.60 million during the quarter, compared to analyst estimates of $200.09 million. Iridium Communications had a negative return on equity of 2.26% and a negative net margin of 2.96%. The business’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 EPS. Equities research analysts anticipate that Iridium Communications Inc. will post -0.15 EPS for the current fiscal year.
Iridium Communications Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were paid a $0.13 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.52 dividend on an annualized basis and a yield of 1.39%. Iridium Communications’s dividend payout ratio is currently -288.87%.
Iridium Communications declared that its Board of Directors has approved a share repurchase program on Thursday, July 27th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the technology company to buy up to 6.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Iridium Communications 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.
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