Iridium Communications Inc. (NASDAQ:IRDM) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 12.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,829,052 shares of the technology company’s stock after buying an additional 320,506 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Iridium Communications were worth $82,099,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new stake in shares of Iridium Communications during the third quarter worth $57,000. Fifth Third Bancorp grew its stake in 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 purchasing an additional 357 shares in the last quarter. GAMMA Investing LLC increased its holdings in Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock worth $73,000 after purchasing an additional 483 shares during the period. KBC Group NV raised its position in Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after purchasing an additional 781 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Iridium Communications in the 4th quarter valued at about $186,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $28.42 on Monday. The stock’s 50-day simple moving average is $29.28 and its 200-day simple moving average is $28.82. The firm has a market capitalization of $3.24 billion, a PE ratio of 30.23 and a beta of 0.65. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $36.32. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a yield of 1.97%. Iridium Communications’s payout ratio is currently 59.58%.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now directly owns 241,030 shares in the company, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.75.

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.