Sumitomo Mitsui Trust Holdings Inc. Has $71.76 Million Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 44.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,743,482 shares of the technology company’s stock after acquiring an additional 539,909 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 1.41% of Iridium Communications worth $71,762,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Advisor Partners II LLC increased its stake in Iridium Communications by 1.9% in the 1st quarter. Advisor Partners II LLC now owns 8,589 shares of the technology company’s stock valued at $532,000 after buying an additional 163 shares during the last quarter. O Shaughnessy Asset Management LLC increased its stake in Iridium Communications by 2.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,371 shares of the technology company’s stock valued at $580,000 after buying an additional 192 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Iridium Communications by 0.8% during the 2nd quarter. Captrust Financial Advisors now owns 24,362 shares of the technology company’s stock worth $1,513,000 after purchasing an additional 202 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Iridium Communications by 1.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock worth $603,000 after purchasing an additional 223 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Iridium Communications by 0.9% in the 3rd quarter. Arizona State Retirement System now owns 32,269 shares of the technology company’s stock valued at $1,468,000 after purchasing an additional 272 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IRDM has been the topic of a number of analyst reports. BWS Financial lowered shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price objective on the stock. in a research note on Friday, February 16th. Raymond James cut their target price on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. Finally, Barclays cut their target price on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Iridium Communications presently has a consensus rating of “Moderate Buy” and an average target price of $49.80.

Iridium Communications Stock Down 0.3 %

Iridium Communications stock opened at $24.71 on Thursday. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $68.34. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 190.08 and a beta of 0.85. The firm’s fifty day moving average price is $27.98 and its two-hundred day moving average price is $35.11. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 1.65.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, February 15th. The technology company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.27. The firm had revenue of $194.74 million for the quarter, compared to analyst estimates of $192.13 million. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same period last year, the firm earned ($0.01) earnings per share. On average, equities research analysts predict that Iridium Communications Inc. will post 0.72 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.10%. Iridium Communications’s dividend payout ratio is currently 400.00%.

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.