Amundi Cuts Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Amundi reduced its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 93.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,014 shares of the technology company’s stock after selling 41,502 shares during the quarter. Amundi’s holdings in Iridium Communications were worth $88,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Fifth Third Bancorp boosted its position in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after acquiring an additional 357 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of Iridium Communications by 6.8% during the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock worth $340,000 after acquiring an additional 750 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of Iridium Communications by 1.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock worth $2,230,000 after acquiring an additional 866 shares in the last quarter. M&T Bank Corp boosted its position in shares of Iridium Communications by 13.8% during the 4th quarter. M&T Bank Corp now owns 8,321 shares of the technology company’s stock worth $241,000 after acquiring an additional 1,010 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position 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 acquiring an additional 1,074 shares in the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IRDM has been the subject of several analyst reports. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company. Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Finally, StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a research report on Friday.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.

Iridium Communications Stock Up 0.4 %

IRDM opened at $27.65 on Friday. The business has a 50 day moving average price of $29.40 and a two-hundred day moving average price of $29.39. 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 $3.01 billion, a PE ratio of 29.11, a P/E/G ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $35.85.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is 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.