Quest Partners LLC Sells 17,546 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Quest Partners LLC lessened its position in Iridium Communications Inc. (NASDAQ:IRDM) by 78.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,918 shares of the technology company’s stock after selling 17,546 shares during the quarter. Quest Partners LLC’s holdings in Iridium Communications were worth $131,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in IRDM. Vanguard Group Inc. boosted its stake in shares of Iridium Communications by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after purchasing an additional 336,989 shares in the last quarter. Silver Heights Capital Management Inc boosted its position in Iridium Communications by 8.8% during the fourth quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock valued at $109,330,000 after buying an additional 214,508 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Iridium Communications by 18.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after buying an additional 385,872 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Iridium Communications by 4.5% in the fourth quarter. Clearbridge Investments LLC now owns 2,266,706 shares of the technology company’s stock worth $93,298,000 after buying an additional 97,167 shares during the period. Finally, Nikko Asset Management Americas Inc. lifted its stake in shares of Iridium Communications by 19.9% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,089,600 shares of the technology company’s stock valued at $54,664,000 after acquiring an additional 346,118 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on IRDM shares. Barclays lifted their price target on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $45.00.

Iridium Communications Stock Performance

Shares of IRDM opened at $27.95 on Tuesday. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $51.62. The company has a 50-day simple moving average of $26.84 and a two-hundred day simple moving average of $27.52. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. The firm has a market capitalization of $3.39 billion, a PE ratio of 133.10 and a beta of 0.64.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. The company had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.24) EPS. On average, analysts anticipate that Iridium Communications Inc. will post 0.81 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 2.00%. Iridium Communications’s dividend payout ratio (DPR) is presently 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.