PNC Financial Services Group Inc. Sells 405 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

PNC Financial Services Group Inc. decreased its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 5.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,421 shares of the technology company’s stock after selling 405 shares during the period. PNC Financial Services Group Inc.’s holdings in Iridium Communications were worth $264,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Treasurer of the State of North Carolina boosted its stake in shares of Iridium Communications by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 54,770 shares of the technology company’s stock valued at $2,491,000 after purchasing an additional 280 shares in the last quarter. ORG Partners LLC boosted its stake in Iridium Communications by 20.6% during the fourth quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock worth $132,000 after acquiring an additional 550 shares in the last quarter. Northwest Financial Advisors bought a new stake in Iridium Communications during the fourth quarter worth about $26,000. Alaska Permanent Fund Corp boosted its stake in Iridium Communications by 1.3% during the fourth quarter. Alaska Permanent Fund Corp now owns 73,135 shares of the technology company’s stock worth $3,010,000 after acquiring an additional 958 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in Iridium Communications during the fourth quarter worth about $41,000. Institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Barclays boosted their price objective on shares of Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.75.

Iridium Communications Stock Down 0.2 %

IRDM opened at $26.56 on Tuesday. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86. The firm has a 50 day moving average price of $28.92 and a 200-day moving average price of $31.14. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $61.84. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 126.48 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The firm had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. During the same period in the previous year, the company earned $0.08 earnings per share. The firm’s quarterly revenue was down .7% on a year-over-year basis. Equities research analysts forecast that Iridium Communications Inc. will post 0.74 earnings per share for the current year.

Iridium Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.14 per share. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Friday, June 14th. Iridium Communications’s dividend payout ratio is currently 266.67%.

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.