Cerity Partners LLC Sells 1,979 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Cerity Partners LLC trimmed its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 4.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,647 shares of the technology company’s stock after selling 1,979 shares during the period. Cerity Partners LLC’s holdings in Iridium Communications were worth $1,246,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Plato Investment Management Ltd bought a new position in shares of Iridium Communications during the fourth quarter worth approximately $32,000. SBI Securities Co. Ltd. bought a new position in Iridium Communications in the 4th quarter valued at about $37,000. Fifth Third Bancorp raised its position in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Iridium Communications by 44.8% during the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock worth $101,000 after buying an additional 1,074 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Iridium Communications in the fourth quarter worth about $131,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on IRDM shares. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Sunday, April 6th. Cantor Fitzgerald assumed coverage on Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Finally, Barclays reduced their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $23.77 on Friday. The business’s fifty day simple moving average is $28.06 and its 200 day simple moving average is $28.95. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $2.58 billion, a P/E ratio of 25.02, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. Iridium Communications Inc. has a 12 month low of $22.18 and a 12 month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. As a group, analysts anticipate that Iridium Communications Inc. will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s payout ratio is currently 58.95%.

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.