Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 18.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 65,768 shares of the technology company’s stock after selling 15,299 shares during the period. Los Angeles Capital Management LLC owned 0.06% of Iridium Communications worth $1,909,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in IRDM. Nordea Investment Management AB increased its stake in Iridium Communications by 30.2% in the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock valued at $7,264,000 after purchasing an additional 57,690 shares during the last quarter. Impax Asset Management Group plc purchased a new stake in Iridium Communications in the 3rd quarter valued at about $697,000. Thrivent Financial for Lutherans increased its stake in shares of Iridium Communications by 19.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company’s stock valued at $3,970,000 after acquiring an additional 21,522 shares during the last quarter. Inspire Investing LLC lifted its holdings in shares of Iridium Communications by 185.7% during the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company’s stock worth $1,256,000 after acquiring an additional 28,119 shares during the period. Finally, Barclays PLC boosted its position in shares of Iridium Communications by 19.2% in the third quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock worth $26,093,000 after acquiring an additional 137,924 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s 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 transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.00% of the stock is currently owned by insiders.

Iridium Communications Stock Down 1.8 %

Shares of NASDAQ:IRDM opened at $31.56 on Friday. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85. The stock has a 50-day simple moving average of $29.49 and a 200-day simple moving average of $29.11. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The stock has a market capitalization of $3.43 billion, a P/E ratio of 33.22, a PEG ratio of 1.28 and a beta of 0.65.

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

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 given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

Analysts Set New Price Targets

Several brokerages recently commented on IRDM. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Thursday. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company.

About Iridium Communications

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.